Indian stock markets may open marginally higher; Axis Bank in focus
SGX Nifty was a tad higher in early morning trade, while Asian stocks gained after their US peers halted a four-day losing streak
MUMBAI : Indian equity indices are likely to open marginally higher on Wednesday tracking gains in SGX Nifty and global markets. SGX Nifty was a tad higher in early morning trade. On Tuesday, Sensex closed flat at 46,263.17, while Nifty rose 0.07% to 13,567.85 points.
Asian stocks gained after their US peers halted a four-day losing streak, as Congress moved towards a spending package that would boost the economy. Treasuries were flat ahead of the Federal Reserve decision.
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Investors are growing increasingly confident that Democratic and Republican lawmakers will clinch a bill based on a $748 billion bipartisan proposal that would inject cash directly into the economy as prior benefits begin to expire at the end of the year. Meanwhile, traders are eyeing whether the Fed alters its bond purchase program or keeps the status quo.
Overnight, the Dow Jones Industrial Average rose 1.13% to 30,199.31 points. The S&P 500 gained 1.29% and the Nasdaq Composite climbed 1.25% to 12,595.06.
Among Asian markets, Shanghai Composite and Nikkei 225 were up 0.2% each, while Heng Seng gained 0.7%.
Back home, IDBI Bank and Punjab National Bank are in focus as both banks launched their QIPs. IDBI Bank's floor price at ₹40.63 per share is a 3.8% discount to Tuesday's closing price, while PNB's floor price at ₹37.35 per share is at a 7.6% discount.
Axis Bank will be in limelight as the bank clarified that its total exposure to SREI group does not exceed ₹800 crore and the allegations by Australia-based news agency Scams Breaking on the bank's exposure to SREI Group are ‘grossly inaccurate and baseless.
PVR shares will be in focus as the company said it will consider fund raising via various methods at its board meeting on 18 December.
(Reuters and Bloomberg contributed to the story)
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