Markets likely to open higher; FOMC eyed

The market will remain volatile this week as traders will roll over positions in the futures & options (F&O) segment from the near month to November series

Markets are likely to open positive tracking firm global cues. Traders have eyed the start of the two-day Federal Reserve

meeting later in the session.

The Dow and S&P 500 ended at record highs on Tuesday after economic data supported views that the Federal Reserve would keep its stimulus intact for several months and IBM rallied after the company announced a stock buyback.

IBM gave the biggest boost to the Dow, which led the day's gains. The stock, which also helped drive the S&P 500's advance, jumped 2.7 percent to USD 182.12 after the company's board of directors approved another USD 15 billion for stock buybacks.

The Dow Jones industrial average gained 111.42 points, or 0.72 percent, to end at 15,680.35, a record close. The Standard & Poor's 500 Index rose 9.84 points, or 0.56 percent, to finish at 1,771.95, also a record closing high. The S&P 500 hit another intraday record high at 1,772.09.

Asian share markets are trading higher U.S. stocks on Wednesday as investors wager the Federal Reserve will rock no boats at its policy meeting and leave stimulus in place for the next few months at least.

Back home, Bharti Airtel, DLF, Godrej Properties, IDBI Bank, Jindal Steel, LIC Housing Fin and Lupin will unveil the second quarter earnings.

The market will remain volatile this week as traders will roll over positions in the futures & options (F&O) segment from the near month to November series. The near month October derivatives contract will expire on Thursday.

Early indicator, SGX Nifty was marginally up by 29 points at 6,258.

STOCKS TO WATCH

The US government is likely to slap a fine of $35 million (Rs 219 crore) on Infosys, India’s second-largest IT services firm, over charges of inappropriate use of visitor visa for business purposes.

Ranbaxy Laboratories reported a loss of Rs 454.16 crore for the third quarter ended September 30, against a profit of Rs. 750 crore a year earlier.

An extended downturn in demand for some of the key steel products made by Tata Steel Europe has led to an announcement of restructuring proposals by the company which could lead to a loss of around 500 jobs.