In the absence of any immediate key domestic triggers, the equity market today is expected to be guided by the Federal Reserve's two-day policy meeting which concludes later in the day, stock-specific action, movement of rupee against the US dollar, and oil prices.
The domestic benchmark indices extended their winning streak to the seventh day in a row on Tuesday. The S&P BSE Sensex gained 268 points or 0.70 per cent to settle at 38,363 while the broader Nifty50 index of National Stock Exchange (NSE) ended above 11,500 level at 11,532, up 70 points or 0.61 per cent.
Moreover, Foreign Institutional Investors (FIIs) bought shares worth Rs 2,132.36 crore in the domestic equity market on Tuesday, as per NSE data.
Asian shares got off to a cautious start on Wednesday, holding close to six-month highs on hopes the US Federal Reserve will stick to a dovish stance and unveil a plan to stop cutting bond holdings later this year.
MSCI’s broadest index of Asia-Pacific shares outside Japan ticked down 0.1 per cent from a six-month high touched the previous day. Japan’s Nikkei was also down 0.1 per cent.
Wall Street shares were narrowly mixed on Tuesday, with the S&P 500 losing 0.01 per cent and the Nasdaq adding 0.12 per cent.
On the commodity front, oil prices held close to four-month highs on Tuesday on expectations that OPEC would continue production cuts through the end of the year.
STOCKS IN FOCUS
Jet Airways: An additional six aircraft have been grounded due to non-payment of lease rentals, according to reports. Moreover, a Business Standard report said that the lenders would infuse additional funds to keep Jet flying even if Etihad refuses to back the resolution plan and exits.
Mindtree: The firm will hold a board meeting today to consider a buyback proposal with some procedural clearance. During the meeting, the company will deliberate on legal recourse available before it to thwart the takeover bid by Larsen & Toubro.
Muthoot Capital Services: The company completed securitization transaction of Rs 236.36 crore on March 15.
Cox & Kings: The firm has opened its first hotel in Budapest, Hungary
V-Mart Retail: The company has opened a new store in Assam.
DLF: The firm's arm has announced JV with Hines for developing high-end commercial project in Gurugram.
IDBI Bank: The private sector bank has said it would borrow up to Rs 4,000 crore in one or more tranches by issuing bonds in the next financial year.
Viaan Industries: The company has agreed to acquire 50 per cent stake in Avalance Technology Private Limited.