Shares seen opening lower on Fed statement

Indian stocks are likely to open lower tracking weak global cues.   

Benchmark US share indices ended 1 per cent lower on Wednesday after the Fed said that it would start curtailing its monetary stimulus measures if the economy  continues to recover.

Japan’s  Nikkei was trading lower on Thursday tracking overnight losses on Wall Street after the Fed suggested that it would tone down its stimulus . The Nikkei was down 0.9 per cent while Straits Times was down 1.4 per cent and Kospi Composite eased 1.3 per cent.

At 8:10 hrs Indian Standard Time the SGX Nifty was down 70 points at 5,745. Meanwhile, investors are eyeing China factory data to be released later today.

According to technical experts, the 20-DMA is at 5,918, while the 50-DMA is at 5,914. One should wait for a clear breakout from the consolidation range of 5,740-5,870 before taking a fresh position. Today, the Nifty is likely to seek support around 5,805-5,790, while face resistance around 5,840-5,855..

Eurocopter and Ramco sign partnership agreement to offer cloud-based maintenance information systems for helicopters.

The board of S Mobility has approved buy back through open market purchase through Stock Exchange mechanism at a price not exceeding Rs. 75/- per share for an aggregate amount not exceeding Rs. 60 crores.

Tata Steel has signed a 5-year contract with Safran Group to supply them aerospace steels.

Cadila Healthcare’s US arm has lost a patent infringement battle after a US court ruled in favour of Japan’s Takeda Pharma for Cadila’s  proposed generic gastric relief drug.

Wipro is understood to have bagged a large IT outsourcing five year contract worth around $500 million from Citigroup.