Markets are likely to react to the developments in the United States (US) where the citizens are voting elect their 57th President. Polls indicated President Barack Obama and Republican challenger Mitt Romney remained in a neck-and-neck race, although the Democratic incumbent had a slight edge in several key swing states.
In the international markets, Wall Street stocks jumped on Tuesday as American voters went to the polls, with the U.S. presidential election keeping trade subdued while the euro held steady despite uncertainty over Greece's next financial aid payment.
On below-average volume, the Dow Jones industrial average closed up 133 points, or 1.02%, at 13,246. The Standard & Poor's 500 Index ended up 11 points, or 0.79%, at 1,428. The Nasdaq Composite Index finished up 12 points, or 0.41%, at 3,012.
Asian shares were steady on Wednesday as investors hoped for a decisive result in a close-fought U.S. presidential election, with early counting underway and voting continuing in crucial swing states which will decide the outcome.
Back home, according to technical analysis, if the NSE index is able to sustain above 5,750, then we can expect fresh strength in the markets. On the downside, the index has good support around its 20-day DMA at 5,678.
The MSCI index of Asia-Pacific shares outside Japan was up 0.1%, pulled higher by Australian shares which rose 0.3% as an overnight rise in commodities boosted mining stocks. South Korean shares opening up 0.3%. Japan's Nikkei average opened up 0.6%.
At 700 am Indian Standard Time, the SGX Nifty was trading at 5, 795 – up 23 points.
STOCKS TO WATCH
Mahindra Holidays & Resorts India will be in focus today as the company acquired 49% stake in Infinity Hospitalities Group Company for an undisclosed sum following which it has added a new resort in Bangkok.
BHEL signed an agreement with Shell, the Netherlands-based global energy and petrochemicals giant, for supply of gas turbines and generators over the next five years.
Glenmark Pharmaceuticals may be in spotlight as it settled litigation with Janssen Pharmaceuticals Inc over patent actions regarding generic oral contraceptive Norgestimate and Ethinyl Estradiol tablets.
ABB, Power Grid Corporation, Edelweiss Financial Services, Essar shipping, Tata Power, Oil India, Indian Hotels Company, Bosch and Britannia Industries will be reacting to its second quarter numbers.