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Business News/ Markets / Stock Markets/  India stock markets likely to consolidate on Wednesday; HUL, Axis Bank in focus
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India stock markets likely to consolidate on Wednesday; HUL, Axis Bank in focus

Axis Bank, Hindustan Unilever, Bank of Baroda, Canara Bank, Marico, ICICI Prudential Life Insurance, PNB Housing Finance, Tata Coffee, United Spirits, Welspun India, are among the 50 companies scheduled to release their Q3 numbers today

On Monday, Sensex fell 530.95 points or 1.09% to close at 48,347.59 while the Nifty50 declined 133 points or 0.93% to close at 14,238.90.Premium
On Monday, Sensex fell 530.95 points or 1.09% to close at 48,347.59 while the Nifty50 declined 133 points or 0.93% to close at 14,238.90.

MUMBAI: Indian equities will likely consolidate on Wednesday while trends in SGX Nifty indicate a positive opening of Indian benchmark indices. Asian equities were mixed on Wednesday, bouncing back from a steep sell-off on Tuesday.

On Monday, Sensex fell 530.95 points or 1.09% to close at 48,347.59 while the Nifty50 declined 133 points or 0.93% to close at 14,238.90. Indian financial markets were shut on Tuesday for Republic Day.

Also Read | How India has become an unequal republic

Higher markets in Europe and a slight decline from record levels in Wall Street stocks overnight suggested that investors were cautious about possible roadblocks to a US stimulus plan and ahead of a policy announcement from the Federal Reserve.

The US Federal Reserve is due to announce the outcome of its two-day policy meeting on Wednesday. Analysts expect the Fed to stick to its dovish tone to help speed economic recovery.

back home, major companies that are scheduled to announce their December quarter earnings today are Hindustan Unilever, Axis Bank, ICICI Prudential Life, Marico, United Spirits, Bank of Baroda, Canara Bank, PNB Housing, Nippon LIfe Asset Management, India Cements and Tata Coffee.

Private sector lender Kotak Mahindra Bank on Monday reported a 16% increase in standalone net profit at 1,854 crore for the third quarter ended December, as bad loan situation improved.

The International Monetary Fund on Tuesday projected an impressive 11.5% growth rate for India in 2021, making the country the only major economy of the world to register a double-digit growth this year amid the coronavirus pandemic.

US Treasury yields were mostly down in choppy trading overnight, having hit three-week lows on the long end of the curve, as investors remained cautious about the size of a proposed U.S. stimulus package.

Benchmark 10-year notes were yielding 1.033% compared with 1.04% late on Tuesday.

The US dollar edged lower across the board as traders showed a preference for riskier currencies. The dollar index fell 0.194%, with the euro up 0.02% to $1.2162.

The Japanese yen weakened 0.01% versus the greenback at 103.61 per dollar, while Sterling was last trading at $1.3735, up 0.01% on the day.

(Reuters contributed to the story)

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Published: 27 Jan 2021, 08:40 AM IST
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