Indian markets are likely to witness a negative opening tracking the SGX Nifty that is trading 4.00 points higher.
The market direction will be shaped later as China’s reports on industrial profits are released.
India’s NSE index fell for a second consecutive session as investors continued to book profits in recent outperformers such as State Bank of India while they wait for actual policies from Prime Minister Narendra Modi and his new cabinet. The BSE Sensex slipped 0.68% and NSE Nifty fell 0.56% for the day.
On Tuesday (May 27, 2014) Sensex closed at 24549.51, down by 167.37 points, while the Nifty fell 41.05 points to close at 7318.00.
Asian stocks inched higher on Wednesday and the dollar held near an eight-week peak against a basket of currencies, spurred by upbeat U.S. economic data and yet another record close for the S&P 500.
U.S. stocks finished Tuesday with solid gains, sending the S&P 500 to a record close for the second straight session.
European shares rose to multi-year highs on Tuesday, bolstered by U.S. economic data, mergers and acquisitions talk and expectations of more policy easing by the European Central Bank.
Major Headlines of the day
Arvind Remedies signs MoU with SRM University for product development.
L&T inks tech transfer pact with Japan Steel Works.
Wipro to expand workforce in Ireland.