Indian equity markets are expected to open with modest gains on Wednesday tracking positive leads from global peers. Trends on SGX Nifty suggest markets are likely to open with gains of 17 points at 9,892.Reserve Bank of India's Monetary Policy Committee (MPC) will conclude its two day meet today and announce the policy. The consensus on the street is that RBI will maintain status quo on lending rates, citing the risk of inflation.
The zone of 9,900-9,930 is a key resistance area for the Nifty50 index. On the downside, the zone of 9,810-9,830 is an immediate support level and a breach of this support level may open gates for correction up to the levels of 9,760 and 9,700.
Back home, Indian markets registered decent gains on the first trading session of the October month. The BSE Sensex surged 214 points to finish at 31,497 and the Nifty index gained 71 points to close at 9,860. The market breadth, indicating overall health of the market, was optimistic. The BSE Mid-Cap index gained 0.77% and the Small-Cap index gained 0.49%.
The August core sector output was up by 4.9% as compared to just 2.6% in the month of July, data released by government showed.
On Tuesday evening, the Central government announced reduction in excise duty on petrol and diesel by Rs 2 per litre.
The US equities continue to set fresh records on Tuesday. The Dow Jones Industrial Average added 84 points to settle at 22,642. The Nasdaq Composite Index rose 15 points to close at 6,532. The S&P 500 inched up 6 points to finish at 2,535.
Asian equity benchmarks are trending up in the early morning trade on Wednesday, tracking positive cues overnight from Wall Street. Japan’s Nikkei 225 has gained 47 points, Hong Kong's Hang Seng has surged 243 points and China’s Shanghai Composite has added 10 points.
