Sensex, Nifty Set To Rise; Infosys, HDFC Life, Tata Steel Long, Mindtree, Cyient In Focus

Asian equities advanced in the wake of a shock rebound in U.S. stocks that roared back from losses sparked by a hot inflation reading.

Benchmark indexes jumped around 2% in Japan, Australia and South Korea while futures pointed higher in Hong Kong. The S&P 500 index defied expectations to rally 2.6% after consumer price data cemented bets for the Federal Reserve to deliver another jumbo rate hike in November.

At 7:15 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 1.67% to 17,241.

Elsewhere, oil headed for a weekly loss as signs of a global economic slowdown and tighter monetary policy threaten to sap energy consumption. The International Energy Agency earlier warned production cuts agreed by OPEC+ risked causing oil prices to spike and tipping the global economy into recession.