SGX Nifty futures on the Singapore Stock Exchange are trading higher, indicating a positive open after a flat finish the previous day. The rupee extended its winning streak for a fifth day to end up 46 paise at 63.38 per dollar yesterday, raising hopes of more reforms to sustain capital inflows.

Indian shares ended largely unchanged on Wednesday as investors took some profits off the table following a four-day rally on the back of new-found strength in rupee due to the Raghuram Rajan effect. The BSE Sensex ended flat, while the Nifty closed 0.3 percent higher.

In corporate news, market regulator SEBI has warned MCX-SX stock exchange that its license would be withdrawn if there is “adverse findings by any other regulator” about it.

Nasdaq-listed technology consulting firm iGate Corp named former Infosys executive Ashok Vemuri as its new president and chief executive.

UltraTech has agreed to buy Jaiprakash Associates’ Gujarat cement plant for an enterprise value of Rs 3,800 crore.

India Infoline Finance said it would raise Rs 1,050 crore through issuance of secured redeemable non-convertible debentures.

State-run Power Grid Corporation said it plans to spend about Rs. 20,000 crore a year for the next five years as part of its capital expenditure plans in the power transmission sector.

Asian Markets

Asian stocks are trading mostly higher near three-month highs amid expectations that any tapering at next week’s FOMC meeting will be more modest than some had previously expected. The Federal Open Market Committee meets next Tuesday and Wednesday. The dollar remains under pressure due to receding geopolitical risks from Syria.

Australia’s All Ordinaries index is rising 0.2 percent despite weak jobs data, which showed the nation’s jobless rate hit a four-year high in August. New Zealand’s NZX-50 is gaining marginally after the Reserve Bank of New Zealand kept its official cash rate unchanged at a record low as expected.

South Korea’s Kospi is moving up 0.6 percent. The Bank of Korea also held its benchmark rate steady for the fourth straight month. Japan’s Nikkei index is declining 0.3 percent after government data showed core machinery orders stayed flat in July with a slight downside bias.

U.S. And European Markets

U.S. stocks ended mixed overnight after President Barack Obama delayed a call on military action against Syria. The Dow rose 0.9 percent and the S&P 500 added 0.3 percent, while a sharp slide in Apple shares amid downgrades by analysts weighed on tech stocks, dragging the Nasdaq down 0.1 percent.

The European markets ended broadly higher on Wednesday, extending the previous session’s rally. France’s CAC 40 and the U.K.’s FTSE 100 edged up marginally, while the German DAX advanced 0.6 percent.

by RTT Staff Writer

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