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Sensex, Nifty Set To Open Higher After Wall Street Rebound

(RTTNews) - Indian shares may open higher on Wednesday, mirroring positive cues from Wall Street and Asia as well as a fall in oil prices overnight on demand growth concerns.

Crude oil futures for December delivery ended down 1.3 percent on Tuesday while Brent crude prices fell by as much as 1.8 percent at one point to touch their lowest level since August 24.

Markets will remain wary of earnings news, with Adani Enterprises, Adani Power, Canara Bank, Dabur, Larsen & Toubro, Syndicate Bank, Tata Motors, United Spirits and Vedanta likely to report their quarterly results today.

Tech Mahindra's Q2 profit jumped 27 percent to beat estimates, while PSU lender Bank of Baroda posted 19.7 percent growth in quarterly net profit, amid strong growth in retail banking.

Benchmark indexes Sensex and the Nifty ended a choppy session modestly lower on Tuesday, while the rupee fell by 23 paise to close at 73.68 against the dollar.

Asian stocks pulled away from 20-month lows, although overall gains remained capped due to anxiety over slowing global growth.

The dollar held near a three-week high against the yen ahead of the Bank of Japan's policy decision while oil prices rose for the first time in three sessions.

Facebook delivered mixed earnings report for the third quarter after the U.S. closing bell while eBay's quarterly profit topped forecasts.

Overnight, U.S. stocks ended sharply higher despite a spate of mixed earnings results and economic reports. The Dow rallied 1.8 percent, while the Nasdaq Composite and the S&P 500 gained around 1.6 percent.

European markets ended Tuesday's session mixed amid heightened trade tensions between the U.S. and China.

The pan-European Stoxx Europe 600 index ended little changed with a positive bias. The German DAX shed 0.4 percent and France's CAC 40 index slipped 0.2 percent while the U.K.'s FTSE 100 inched up 0.1 percent.
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