(RTTNews) – Indian shares are seen opening a tad higher on Wednesday despite lingering concerns about potential disruptions caused by the artificial intelligence buildout.
Ashwini Vaishnaw, Minister for Railways, Information and Broadcasting, and Electronics and Information Technology, has stated that India’s sovereign artificial intelligence models are performing strongly and the country’s strategy extends beyond building AI tools to strengthening its capabilities across the entire artificial intelligence ecosystem.
Benchmark indexes Sensex and Nifty rose around 0.2 percent each on Tuesday as IT stocks bounced back after recent string of losses on AI disruption worries.
The rupee gained 5 paise to settle at 90.69 against the U.S. dollar on lower crude prices overseas.
Foreign investors net bought shares worth Rs 995 crore on Tuesday while domestic institutional investors net bought shares to the extent of Rs 187 crore, according to provisional exchange data.
Asian stocks were moving higher in thin trade this morning, with markets in China, Hong Kong and South Korea closed for the Lunar New year holidays.
U.S. Treasury yields edged lower while the dollar was firm ahead of the release of minutes from the Federal Reserve’s January policy meeting.
Gold edged up slightly after falling more than 2 percent in the previous session to breach the key psychological level of $4,900 per ounce.
Oil held losses from the prior session as Iran-U.S. nuclear talks in Geneva showed progress, easing Middle East tensions.
Overnight, U.S. stocks fluctuated before ending marginally higher as financials gained ground, offsetting continued declines in software stocks on fears whether the marginal dollar spent on AI will generate the expected return.
Investors also reacted to weak homebuilder confidence data and comments from Trade Representative Jamieson Greer that adjustments could be made to broad tariffs on steel and aluminum.
The Dow, the tech-heavy Nasdaq Composite and the S&P 500 all ended up around 0.1 percent.
European stocks closed mostly higher on Tuesday amid easing tensions surrounding Iran and Russia.
The pan European Stoxx 600 rose half a percent as a fresh set of bleak jobs data reinforced expectations that the Bank of England may cut interest rates as soon as March.
The German DAX and the U.K.’s FTSE 100 both surged by 0.8 percent while France’s CAC 40 added half a percent.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
