Apollo Hospitals Enterprises, Allcargo Logistics, Hindustan Construction Co. and Andrew Yule & Co. are among key companies which will announce their March quarter results today
MUMBAI: Markets are likely to be steady on Wednesday while trends in SGX Nifty suggest a positive opening. On Tuesday, the BSE Sensex was up 14.25 points or 0.03% at 52,588.71. The Nifty gained 26.25 points or 0.17% at15,772.75.
Asian stocks were steady Wednesday after reassuring comments on inflation and monetary policy from Federal Reserve officials bolstered investor sentiment. Treasury yields held declines.
Stocks fluctuated in narrow ranges, dipping in Japan, China and Australia but inching higher in Hong Kong. US equity contracts made modest gains after the S&P 500 climbed a second day.
Overnight, Fed Chair Jerome Powell reiterated his view that inflation pressures will be transitory even after a notable increase in recent months. He added that the Fed would be patient in waiting to lift borrowing costs.
Punjab National Bank, the controlling shareholder of PNB Housing Finance Co. Ltd, is likely to have vetoed the mortgage lender’s planned ₹4,000 crore fundraising from investors led by Carlyle Group at Tuesday’s voting, and will instead propose an alternative plan to raise capital, according to a Mint report.
Norwegian pension fund KLP is divesting from Adani Ports and Special Economic Zone Ltd on the grounds the company's links with the Myanmar military breach the fund's responsible investment policy, KLP told Reuters on Tuesday.
Apollo Hospitals Enterprises, Allcargo Logistics, Hindustan Construction Company and Andrew Yule & Company are among key companies which will announce their March quarter results today.
The Mumbai bench of the National Company Law Tribunal (NCLT) on Tuesday approved the resolution plan submitted by Kalrock Capital and UAE-based entrepreneur Murarilal Jalan for the revival of Jet Airways (India) Ltd, which has been grounded since April 2019.
Oil traded around $73 a barrel in the wake of a report pointing to another decline in U.S. crude stockpiles.
Markets have stabilized after being buffeted by a hawkish shift in the Fed’s policy outlook as the recovery from the pandemic stokes price pressures. Officials have since sought to emphasize that the central bank is continuing to support the economy with asset purchases and low interest rates to make progress toward employment and inflation goals.
In testimony to the House Select Subcommittee Tuesday, Powell said price increases recently were bigger than expected but will likely wane. He also acknowledged the uncertainty around that view.
Earlier Tuesday, New York Fed president John Williams noted that a discussion about raising interest rates is still “way off in the future." Meantime, his Cleveland counterpart Loretta Mester said she wants to see additional employment gains for the next several months before assessing whether the US economy has achieved the progress required to taper bond purchases.
(Bloomberg contributed to the story)
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