According to Ventura Securities, the markets to open on a positive note following higher Asian markets.
Sensex, on Tuesday, declined by 324 points and closed at 26,493, on negative cues from jittery global markets before the US Federal Reserve's much awaited monetary policy meeting and also, market sentiment was weak as the Bharatiya Janata Party (BJP) suffered a setback in the bypolls to Assembly constituencies. Among sectors Realty, Power, and Infra declined the most. Among stocks, Tata Power, Tata Steel, and Axis Bank declined the most. However, market breadth was negative with 793 advances against 2,243 declines.
Nifty declined by 109 points and closed at 7,933. Today we expect the markets to open on a positive note following higher Asian markets which were trading following reports that the People's Bank of China has stepped up liquidity measures to the country's top banks which has pushed down lending rates.
US markets ended the day on a positive note with Dow Jones and Nasdaq up by 0.6 percent and 0.8 percent respectively as oil and other commodities surged on a report that China's central bank would increase stimulus and on the view that the Federal Reserve would not rush to hike rates. Today, will see data releases on CPI m/m, Core CPI m/m, FOMC Statement, Federal Funds Rate and Crude Oil Inventories.
Asian markets are trading on a positive note with Nikkei and Hang Seng up by 0.1 percent and 1.1 percent respectively. SGX Nifty is trading up by 50 points at 7,934. Indian ADRs ended the day on a mixed note. Among financial ADRs, ICICI Bank and HDFC Bank were down by 0.6 percent and 0.8 percent respectively. Among IT ADRs, Wipro and Infosys were up by 1.5 percent and 1.1 percent respectively. Tata Motors was down by 2.0 percent.
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