Indian shares are likely to open on a higher note as the global cues look supportive with SGX Nifty trading 88 points higher.
Headlines for the day:
- Thomas Cook subsidiary Quess mulling IPO
- Deepak Fertilisers might sell stake in MCF
- Lupin gets USFDA approvals for anti-inflammatory drug generic Celebrex
Indian Indices:
Indian shares are likely to open on a higher note as the global cues look supportive with SGX Nifty trading 88 points higher.
The Federal Reserve on Wednesday moved a step closer to hiking rates for the first time since 2006, but downgraded its economic growth and inflation projections, signalling it is in no rush to push borrowing costs to more normal levels.
Indian shares fell on Wednesday, dragged down by blue chips as caution prevailed ahead of the U.S. Federal Reserve’s policy statement due later in the day that is expected to give direction on interest rates there. The S&P BSE Se nsex and CNX Nifty ended 0.40%-0.43% lower each.
Further, the US Federal Reserve may discard its pledge to remain ‘patient’ before hiking rates, reports suggest. Fed chair Janet Yellen will also provide updated economic forecasts by Fed policymakers in a press conference following the two-day meeting.
On Wednesday (March 18, 2015), the 30-share Se nsex closed down 114 points at 28,622 and the 50-share Nifty ended down 37 points at 8,686.
Global Indices:
Asian equities outside Japan traded higher early Thursday, taking cues from a strong rebound on Wall Street overnight as investors reacted to a dovish statement from the Federal Reserve.
U.S. stocks rallied on Wednesday after the Federal Reserve cut its expected pace of growth and inflation, suggesting a less aggressive timeline for raising interest rates even as it opened the door for the first rate hike in almost a decade.
European shares rose on Wednesday, with Standard Chartered surging on broker upgrades and Lafarge leading the construction and materials sector higher on expectations that a merger deal with Holcim could be saved.