Indian shares are seen opening slightly lower on Wednesday, as investors may book some profits amid the previous session's rally. That said, positive sentiment could prevail, as FII inflows continue to remain positive and the rupee snapped its four-day losing streak to gain 57 paise against the dollar yesterday. On the earnings front, all eyes will be on mortgage lender HDFC which will unveil its first-quarter results today.
Meanwhile, capital market regulator SEBI has granted permission to MCX-SX to operate as a full-fledged stock exchange, a development that ends nearly four-year-long wait of the bourse and will foster a pro-competitive environment in markets.
Indian shares rallied on Tuesday, shrugging off mixed Asian cues as the rupee rebounded and euro area finance ministers agreed on the terms of a bailout for Spain's troubled banks. The benchmark BSE Sensex hit a 14-week high to end up 226 points or 1.30 percent at 17,618, while the broader Nifty index climbed 70 points or 1.33 percent to 5,345.
In corporate news, Grasim Industries said it has restarted production at its staple fibre plant and the chlor-alkali unit at Nagda in Madhya Pradesh.
Tech Soft 3D., a provider of software development toolkits to the engineering software industry, and Geometric announced a formal partnership agreement.
Titan Industries, a retailer of watches, jewelery and eye-wear, is closing in on $1 billion acquisition of Canada-based luxury watches and jewelery retailer Harry Winston, the Business Standard reported.
Asian markets are turning in a mixed performance, as investors await the outcome of a two-day Japanese central bank policy meeting starting today.
On Wall Street, stocks failed to sustain an early upmove overnight, as disappointing guidance from some well known companies overshadowed relatively positive news out of Europe, including a report showing an unexpected increase in U.K. manufacturing output in the month of May. The Dow slid 0.7 percent, the tech-heavy Nasdaq lost a percent and the S&P 500 eased 0.8 percent.
U.S. crude oil futures for August delivery shed $2.08 or 2.4 percent to close at $83.91 a barrel on the New York Mercantile Exchange yesterday after the government of Norway intervened to end a strike that threatened North Sea oil production. Fresh evidence of economic weakness and a strong dollar also weighed on energy prices.
by RTT Staff Writer
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