The BSE Sensex and NSE Nifty are likely to open in green on Wednesday tracking Asian and US markets ahead of US Federal Reserve meet. (Photo: Reuters)
The BSE Sensex and NSE Nifty are likely to open in green on Wednesday tracking SGX Nifty and firm global cues. Indian markets will also keep an eye on the US Federal Reserve meet that began on Tuesday, where the central bank is expected to announce a 25 basis points rate hike.
SGX Nifty was up 50 points, or 0.65 per cent, at 7,750.
Asian stocks gained on Wednesday, with sentiment lifting as Wall Street rose before a likely hike in US interest rates, while the dollar held to large gains made as Treasury yields picked up.
At 8.33 am (IST), Hang Seng, Nikkei and Shanghai were up 2.25 per cent, 2.13 per cent and 0.44 per cent, respectively.
Back home, the BSE Sensex and NSE Nifty on Tuesday extended gains for the second day on account of short coverings and value buying in front line blue chip stocks. Sensex closed 170.09 points up at 25,320, while Nifty50 index settled 50.85 points up at 7,700.90.
In the 50-share index, Bosch, HUL, Lupin, ONGC and Reliance Industries gained between 2.15 per cent and 3.10 per cent on Tuesday. On the other hand, Tech Mahindra, Punjab National Bank, Wipro and ICICI Bank slid between 1.30 per cent and 4.15 per cent.
Sugar stocks will remain in focus on Wednesday. A bill seeking to raise the sugar cess ceiling from Rs 25 to Rs 200 per quintal was passed by the Lok Sabha on Tuesday, with the government saying it will help cane-growers who are in crisis as it can facilitate rehabilitation and modernisation of sugar factories.
State-owned power equipment maker Bhel has commissioned a 500 mw thermal power plant in West Bengal.
(With agency inputs)
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