The BSE Sensex and NSE Nifty are likely to open on a flat to cautious note on Wednesday tracking SGX Nifty and Asian markets. (Reuters)
The BSE Sensex and NSE Nifty are likely to open on a flat to cautious note on Wednesday tracking SGX Nifty and Asian markets.
At 8.31 am (IST), SGX Nifty was up 10 points, or 0.13 per cent, at 7,995.
Asian stocks stuttered in early trade on Wednesday after downbeat US manufacturing data raised concerns about the health of the world’s biggest economy, while the dollar retreated from 8-1/2-month highs.
Data released Tuesday showed the US manufacturing sector contracted last month to its weakest level since June 2009, while construction spending rose in October to the highest level since December 2007. The mixed data prompted markets to question whether the US economy was ready for an interest rate hike that could come as early as this month.
The Dow and S&P 500 both gained about 1 per cent on Tuesday thanks to a rebound in health and consumer shares.
Back home, Sensex closed 23.74 points up at 26,169.41, while Nifty closed 19.65 points up at 7954.90 on Tuesday.
Shares of Wockhardt will remain in focus on Wednesday as its Chikalthana plant at Aurangabad in Maharashtra has received a good manufacturing practice (GMP) certificate from the UK health regulator after an inspection.
Tata Motors will also remain in focus after the company on Monday reported 6.71 per cent decline in sales at 38,918 units in November compared to 41,720 vehicles in the same month last year.
(With inputs from agencies)
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