Indian shares are likely to open on flat to positive note, tracking mixed cues from global markets. SGX Nifty is trading 5 points higher.

Headlines for the day:

• Zee eyes ‘positive’ returns from new channel Zindagi
• ICICI Bank launches ‘iMobile’ app for Windows phones
• Shriram Transport Finance to borrow up to Rs3,000 cr via NCDs

Indian Indices:

Indian shares are likely to open flat and trade range-bound after gaining 1.3 percent in the previous session, tracking subdued regional cues.

Indian shares gained on Tuesday, snapping two days of falls and recovering from a 1-1/2 week low hit in the previous session, helped by gains in upstream oil and gas companies on expectation of margin expansion after a surge in international oil prices. The BSE Sensex rose 1.31% and NSE Nifty gained 1.30% for the day.

On Tuesday (June 17, 2014), the S&P BSE Sensex closed at 25521.19, up by 330.71 points, while the Nifty rose 98.15 points to close at 7631.70

The new government led by Narendra Modi on Tuesday imposed export restrictions on certain farm commodities and ordered a crackdown on hoarding to control rising food prices, a day after wholesale price inflation hit a five-month high.

India’s new government could sell a 5% stake in state-run Steel Authority of India Ltd, with a final decision expected next week, two sources directly involved in the process told Reuters.

Global Indices:

Japan’s Nikkei share average edged up on Wednesday morning, benefitting from gains on Wall Street and a weaker yen which drove exporters higher.

U.S. stocks rose on Tuesday as data pointing to higher inflation lifted financial shares while high-growth tech names attracted renewed attention.

European stock markets rose on Tuesday to claw back ground lost in previous sessions, as new signs of possible takeover activity pushed up major healthcare and pharmaceutical stocks.