Pre-Market: Shares may witness gap-up opening

Markets are likely to see a gap up opening after the Federal Reserve stunned markets and decided not to taper its asset-buying program. Early indicator, SGX Nifty was up 177 points to trade at 6,113, around Indian timing 8am.
 

Also, the Rupee is likely to strengthen from levels of Rs 63.38. Now investors will be keenly watching for the RBI monetary policy which is expected tomorrow.

Onernight, U.S. stocks rallied to record highs after the Fed  decided against scaling back a stimulus program that has helped fuel Wall Street's rally of more than 20 percent this year.

While equities jumped on the Fed's decision, questions remained how long the rally would last as the central bank expressed concerns about the economy's future growth with likely budget and debt limit battles in Washington to come.

The Dow Jones industrial average rose 0.95 percent, to 15,677, the S&P 500 gained 1.22 percent, to 1,726 and the Nasdaq Composite added 1.01 percent, to 3,784.

Asian shares and currencies rallied broadly sending U.S. bond yields and the dollar into a tailspin.

MSCI's broadest index of Asia-Pacific shares outside Japan jumped 0.9 percent to its highest in almost four months.

Japan's Nikkei managed to brush aside a rise in the yen to climb 0.8 percent to a two-month peak.

Stocks to Watch

A broad based rally can be expected across the market.

Den Networks islikely to gain in today's trade as the company got a nod form the Ministry of Information and Broadcasting for the USD 110 million investment from Goldman Sachs. This will help the company clear its net debt, which stands at approximately Rs 200 crore.

JK Lakshmi too may see some price action as the cement player is set to hike cement price by Rs 10-15 per bag to tide over the hike in diesel and fuel prices.