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Indian shares look set to open sharply lower on Friday as a 50 basis point rate hike at the May FOMC meeting appears a near certainty.<\/p>\n
IT and other growth stocks may come under renewed selling pressure after a jump in Treasury yields. <\/p>\n
Energy stocks could also be in focus as oil prices remain on track for near 4 percent weekly decline on demand concerns.<\/p>\n
Benchmark indexes Sensex and the Nifty jumped around 1.5 percent each on Thursday to extend gains for a second straight session, while the rupee gained 15 paise to close at 76.15 against the greenback. <\/p>\n
Asian markets<\/span> were broadly lower this morning, the dollar rallied and yields on five-year U.S. notes climbed to their highest since late 2018 at 3.048 percent after Fed Chair Powell outlined his most aggressive approach to taming inflation to date.<\/p>\n On the other hand, ECB President Christine Lagarde said future steps “will depend on the incoming data and (the ECB’s) evolving assessment of the outlook”.<\/p>\n U.S. stocks pulled back sharply overnight, the dollar gained and Treasury yields rose across the curve after Fed Chair Jerome Powell said he saw merit in “front-end loading” policy moves, including a 50 basis point rate hike at the May FOMC meeting.<\/p>\n The tech-heavy Nasdaq Composite tumbled 2.1 percent to reach its lowest closing level in over a month, while the Dow gave up 1.1 percent and the S&P 500 shed 1.5 percent. <\/p>\n European stocks closed higher Thursday on the back of strong earnings. The pan European Stoxx 600 gained 0.3 percent. <\/p>\n The German DAX rallied 1 percent and France’s CAC 40 index surged 1.4 percent while the U.K.’s FTSE finished marginally lower, weighed down by underwhelming production updates from mining companies. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n