The Nifty50 is expected to open higher on Wednesday following Asian markets which were trading mostly higher as Oil prices cooled off from highs after Saudi Arabia said that the kingdom had fully restored its oil supply following attacks on its crude facilities.
Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom has recovered supplies by tapping inventories, and lost oil output of 5.7 million barrels per day (bpd) by the end of September, said a Reuters report.
All eyes are on the US FOMC outcome. Gold was mostly flat at $1,501.70, while the 10-year U.S. Treasuries yield fell to 1.812 percent ahead of the Fed’s policy announcement on Wednesday.
The S&P BSE Sensex fell 642 points to 36,481 while the Nifty50 closed 185 points lower at 10,817 on Tuesday.
Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 42.5 points gain or 0.39 percent. Nifty futures were trading around 10,884-level on the Singaporean Exchange.
A plan to rescue India's debt-laden Dewan Housing Finance Corporation Ltd (DHFL) has hit a major roadblock as only a small segment of bondholders has agreed to be on board the proposed resolution, according to a custodian of DHFL bonds.
Technical Recommendations:
We spoke to SMC Global Securities Ltd and here’s what they have to recommend:
Finolex Industries Ltd: Buy| Target: Rs 580| Stop Loss: Rs 500| Upside 9%
Axis Bank Ltd: Sell| Target: Rs 604| Stop Loss: Rs 670| Downside 7%
Infosys Ltd: Buy| Target: Rs 870| Stop Loss: Rs 785| Upside 6%
Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!