The Nifty is likely to open lower on Wednesday, tracking the muted trend seen in other Asian markets. The index closed 14 points down at 10,869 on Tuesday.
Trends on SGX Nifty indicate that the index will open 0.46 percent or 50.50 points lower in India. Nifty futures were trading around 10,862 on the Singaporean exchange.
Wall Street tumbled more than 3 percent on Tuesday, weighed down by bank and industrial stocks, as the US bond market sent unsettling signs about economic growth and investors once again grew worried about global trade, Reuters reported.
Asian stocks fell on Wednesday, tracking a fall on Wall Street, as sharp declines in long-term US Treasury yields and resurgent trade concerns stoked investors’ worries about global economic growth, the news agency reported.
Analysts expect the Reserve Bank of India (RBI) to support an economy that is losing momentum by leaving interest rates unchanged at a policy meeting on Wednesday when just over a month ago most of them had predicted a hike.
Stocks in the news:
Etihad Airways is holding talks with Jet Airways Ltd (JET.NS) and its bankers on a rescue plan for the debt-laden Indian carrier, two sources aware of the matter told Reuters.
Homegrown auto major Tata Motors said S&P Global Ratings has downgraded the credit rating of the company and its British arm Jaguar Land Rover Automotive.
Rate-sensitive stocks will be in focus ahead of MPC Committee outcome
Lupin: Company launched generic Silodosin capsules 4mg and 8mg in the US. It is indicated for the treatment of the signs and symptoms of benign prostatic hyperplasia (BPH).
Tata Motors: S&P Global Ratings downgraded company and Jaguar Land Rover Automotive Pie, wholly owned subsidiary.
We spoke to SMC Global Securities and here’s what they have to recommend:
Tata Consultancy Services: Buy| Target: Rs 2180| Stop Loss: Rs 1890| Return 9%
TVS Motor Company: Buy| Target: Rs 611| Stop Loss: Rs 525| Return 9%
INOX Leisure: Buy| Target: Rs 250| Stop Loss: Rs 210| Return 11%
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