Sensex, Nifty Ready for lower open as bond yields climb

(RTTNews) – Indian stocks are set to open on a tepid note on Wednesday as rising US Treasury yields could weigh on growth stocks, including the tech sector.

Benchmarks Sensex and Nifty climbed around 0.6% each on Tuesday to extend gains for a second straight session as the rupee fell 20 paise to close at 82.85 against the dollar.

Asian markets traded mixed this morning as gold slipped and the dollar hit a one-week high against the yen while oil traded slightly lower.

US stocks mostly ended lower overnight as trading resumed after the Christmas long weekend.

The tech-heavy Nasdaq Composite fell 1.4% to its lowest closing level in more than a month and the S&P 500 fell 0.4% as higher Treasury yields weighed on stocks. mega-cap growth stocks, offsetting optimism about China’s reopening plans. The Dow edged up 0.1%.

European stocks closed higher on Tuesday after China announced it would end travel restrictions and quarantine for inbound travelers from January 8 – symbolizing the end of its zero-COVID policy which is in place for almost three years.

The pan-European STOXX 600 index gained 0.1%. Germany’s DAX rose 0.4% and France’s CAC 40 index added 0.7% as UK markets were closed for a bank holiday.

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