Indian Shares Poised For Firmer Open

(RTTNews) - Indian shares look set to open higher on Tuesday despite mixed cues from global markets.

While intraday volatility cannot be ruled out, underlying sentiment may remain underpinned somewhat by lower oil prices, resilient domestic macro indicators and optimism for promising corporate earnings' season.

Benchmark indexes Sensex and Nifty jumped around 0.7 percent each on Monday to extend gains for a fourth consecutive session as crude prices continued to fall in international markets following OPEC+'s decision to raise output.

The rupee settled 20 paise lower at 95.38 against the dollar as a strengthening greenback weighed on emerging market currencies.

Foreign institutional investors net bought shares worth Rs 243.03 crore on Monday while domestic institutional investors net bought shares to the extent of Rs 3,791.42 crore, according to provisional exchange data.

Asia markets were broadly lower this morning, with technology stocks coming under significant selling pressure despite Samsung's stronger-than-expected second-quarter earnings.

The dollar faced headwinds as markets scaled back expectations for Federal Reserve rate hikes this month and in September.

Gold was subdued at $4,142 an ounce while Brent crude futures rose above $72 a barrel, reaching a more than four-month low on signs of rising supply through the Strait of Hormuz.

Saudi Arabia cut price of its main crude grade effective August for Asian customers after OPEC+ members backed another modest rise in collective quota for next month.

U.S. stocks closed higher overnight as investors returned from the Independence Day holiday weekend.

Broadcom and other chip stocks rallied after the company said it would expand its partnership with Apple through 2031 to develop and supply custom chips.

In economic news, data showed U.S. services sector growth slowed in June, but the employment index rebounded after months of contraction.

Fed Governor Chritopher Waller, in his assessment of inflation targeting, said that forward guidance can be a "valuable tool", but overly rigid commitments can hinder the Fed's ability to respond to changing data.

While the Dow rose 0.3 percent to reach a new record closing high, the tech-heavy Nasdaq Composite surged 1.1 percent and the S&P 500 advanced 0.7 percent.

European stocks eased from record levels on Monday as investors reacted to regional PMI data and some corporate news.

The pan European Stoxx 600 dropped 0.4 percent. While the German DAX edged up 0.2 percent, France's CAC 40 and the U.K.'s FTSE 100 both dipped around 0.3 percent.