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Indian Stocks May Open With Negative Bias

Indian shares may open with a slightly negative bias Wednesday morning, tracking a somewhat mixed trend in Asian markets.

The overnight firm close on Wall Street and optimism about coronavirus vaccine may help limit market's downside and even trigger some buying at lower levels.

The mood is likely to be largely cautious with investors looking ahead to the U.S. Federal Reserve's monetary policy announcement. The Fed is likely to hold rates near zero for a prolonged period. The central bank's outlook for the economy and its take on inflation are in focus.

According to the data released by the government on Tuesday, India's trade deficit narrowed sharply to US$ 6.77 billion in August of 2020 from US$13.86 billion in the same month last year. Exports were down 12.7% to US$22.7 billion, while imports went down 26% to US$29.47 billion.

Aurobindo Pharma will be in focus after the company said it is collaborating with Council of Scientific and Industrial Research to develop vaccines to protect against Covid-19.

SpiceJet reported a net loss of Rs 600.5 crore for the quarter ended June 2020, as against net profit of Rs 262.8 crore in the year-ago quarter.

Future Enterprises Limited said it posted consolidated net loss of Rs 322.92 crore in the April - June quarter, compared with net loss of just Rs 8.59 crore in the corresponding quarter last year.

Infosys shares will be in focus after the company announced that U.S. firm Essential Utilities has selected it as a strategic partner to drive its digital transformation.

The market ended on a strong note on Tuesday, led by gains in bank and pharmaceuticals stocks. The benchmark BSE Sensex moved up 287.72 points or 0.74% to 39,044.35. The National Stock Exchange's Nifty closed with a gain of 81.75 points or 0.71% at 11,521.80.

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