India’s equity markets will take cues from global stocks as they open on Wednesday after the Muharram holiday.
U.S. stocks retreated ahead of Wednesday’s inflation report to gauge the path of Federal Reserve tightening. The S&P 500 dropped for a fourth consecutive session, while the Nasdaq 100 underperformed. Treasury yields climbed, while the dollar fell.
Most Asian and European benchmarks, too, fell on Tuesday.
Oil reversed an earlier decline as Russian shipments via the southern leg of a major pipeline to Europe were suspended. Brent futures rose as much as 1.6% to trade near $98 a barrel, after earlier dropping 1.8%.
On Monday, the Indian benchmarks had got off to a volatile start but ended the day with clear gains. The S&P BSE Sensex gained 0.8% to 58,853.07, while NSE Nifty 50 Index gained a similar magnitude to end at 17,525.1.
Focus will remain on domestic earnings. Investors will also react to the first-quarter results of Bharti Airtel Ltd., Power Grid Corp. and Indian Hotels Ltd., among others, as the numbers were announced post market hours on Monday.