Markets may open positive; SGX Nifty up 45 pts

Markets are likely to remain cautious today ahead of a key Federal Reserve decision this week and RBI’s Monetary Policy.

The Reserve Bank of India (RBI) announces Mid-Quarter Review of Monetary Policy for 2013-14 tomorrow, 18 December 2013.

Asian shares got off to a promising start on Tuesday on the back of rising US manufacturing output and a jump in euro zone business activity, ahead of a key US Federal Reserve policy decision later this week Investors are on tenterhooks over when the Fed will start to reduce its $85 billion-a-month bond-buying programme, a major driver of global risk assets in recent years.

A majority of economists expect the taper to happen in March, but a recent run of upbeat economic data has steadily raised the odds for an announcement at this week's two-day meeting concluding on Wednesday, or in January.

At 8:30 hrs Indian Standard Time the SGX Nifty was up 43 points at 6,222.

STOCKS TO WATCH

Coal India's board of directors at its meeting held on Monday, 16 December 2013, also approved revision of raw non-coking coal sizing charges for different sizes and rapid loading charges with effect from 17 December 2013.

Cooper Tire & Rubber Co on Monday lost its court bid to force Apollo Tyres Ltd to complete their proposed $2.3 billion merger.

GlaxoSmithKline Plc, has initiated an open offer to increase stake in its publicly listed subsidiary in India, GlaxoSmithKline Pharmaceuticals Ltd. GSK plans to increase stake in its Indian subsidiary from 50.7 per cent to up to 75 per cent.