Indian stock markets opened little higher on Thursday as most of the Asian markets edged up in the early trade today after US Federal Reserve hiked the interest rates by 25 basis points, as expected. The early indicator of NSE Nifty, SGX Nifty Futures was also trading 0.37% up at 10,259.5 on the Singapore Stock Exchange.
These stocks will be in focus today
Tata Steel: Tata Steel said its board will meet next week to consider raising of funds by issuing securities.
Tata Communications: The board of Tata Communications approved demerger of around 773 acres of surplus land to a separate company and listing it subsequently.
Yes Bank: Private sector Yes Bank has partnered advisory services firm Pantomath Advisory to develop a MSME ecosystem focused on Maharashtra and Gujarat.
Manpasand Beverages: The Reserve Bank has allowed foreign investors to raise their stake in Manpasand Beverages up to 49 per cent against 24 per cent limit earlier.
IndusInd Bank: The Reserve Bank said it has imposed a penalty of Rs 3 crore on IndusInd Bank for deficiencies in regulatory compliance.
Maruti Suzuki India: Country’s largest carmaker Maruti Suzuki India (MSI) plans to increase prices across its models by up to 2 per cent from January in order to partially offset the rise in input costs.
SAIL: Domestic steel giant SAIL has approved the proposal to enter into a joint venture with the world’s largest steelmaker ArcelorMittal for manufacturing high-end automotive steel.
The Indian rupee on Wednesday: The rupee pared its early steep losses to end marginally down by 4 paise at 64.44 against the US dollar.
Indian markets on Wednesday
Indian stock markets closed lower in a rangebound choppy trade on Wednesday. BSE Sensex washed off 174.95 points or 0.53% to settle at 33,053.04 while NSE Nifty lost 47.2 points or 0.46% to end at 10,192.95. During the day, the benchmark Sensex opened down in morning recoiled back into green in late morning trades but again tumbled in the early afternoon session, tripping below 33,000-level. Sensex moved between 32,988.82 and 33,404.26. Shares of Kotak Mahindra Bank, TCS and ONGC emerged as the only notable gainers on Sensex on Wednesday. Investors sentiments were mixed as retail inflation spiked to a 15-month high on Tuesday with wholesale inflation data due for later today. The market mood was also cautious ahead of the outcome of US Federal Reserve policy.
US markets on Wednesday
The S&P 500 ended slightly lower on Wednesday pressured by the financial sector after the Federal Reserve announced a widely expected interest rate hike but kept its rate outlook for coming years even as it projected faster US economic growth, Reuters said in a report. The Dow Jones Industrial Average rose 80.63 points, or 0.33 percent, to end at 24,585.43, the S&P 500 lost 1.26 points, or 0.05 percent, to 2,662.85 and the Nasdaq Composite added 13.48 points, or 0.2 percent, to 6,875.80. “As expected, Federal Reserve policymakers ended their two-day meeting Wednesday by raising the federal fund rate what banks charge each other for short-term loans by 0.25 percentage points to a still-low range of 1.25 to 1.5 percent,” Associated Press reported.