Shares of Sun Pharma may hog the limelight on Wednesday as the Securities and Exchange Board of India (Sebi) has sought an explanation from the company on the alleged fund diversion of Rs 42,000 crore through its key distributor and subsidiary Aditya Mediasales (AML).
This apart, reports suggesting India is likely to impose retaliatory tariffs on $10.6 billion worth of goods imported from the US will also be closely monitored. Fresh directional cues from US-China trade negotiations, movement of rupee against the US dollar and crude oil prices are the other key events that will impact investor sentiment today.
The domestic stock market ended firm on Tuesday. The S&P BSE Sensex ended at 36,443, up 379 points while the broader Nifty50 index settled at 10,987, up 123 points.
Asian stocks were trading mixed in the early trade on Wednesday, as investors awaited fresh directional cues from US-China trade negotiations and a weaker Wall Street finish capped broader gains, while robust US economic data supported the dollar. MSCI’s broadest index of Asia-Pacific shares outside Japan was barely changed while Japan’s Nikkei declined 0.5 per cent.
US stocks ended lower in the overnight trade.
Oil prices fell more than 0.5 per cent on Wednesday as bullish output forecasts by two big US producers outweighed recent OPEC-led efforts to rein in crude production.