 "Firm macro-economic data may push Sensex, Nifty higher")
Markets are likely to may strong opening supported by robust gross domestic product (GDP) number which grew 7.6% in 2015-16, up from 7.2% a year ago.
Besides, growth in the eight core sectors jumped to 8.5% in April, due to a sharp pick-up in refinery products and a commensurate rise in electricity generation.
The country’s fiscal deficit for 2015-16 was Rs 5.32 lakh crore, about 99.5 per cent of the government’s revised target of Rs 5.35 lakh crore, compared with 99.6 per cent for the same period a year before, official data showed on Tuesday.
The early indicator, SGX Nifty has gained 19 points at 8,207 levels. Marking its first drop in six days, the Sensex on Tuesday came off its seven-month high, slipping 58 points, or 0.2 per cent, to end at 26,668, but managed to pull off its third straight monthly gain.
On the global front, Asian stocks sagged on Wednesday as a slip in crude oil prices dampened investors' appetite for riskier assets, while the recently bullish dollar stalled against the euro and yen following a mixed bag of US economic data.
Investors were also cautious ahead of official and private surveys on China's manufacturing activity which are expected to throw more cold water on hopes that the world's second-largest economy is picking up.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3%. Japan's Nikkei lost 0.8% as the yen firmed.
CORPORATE NEWS
Tata Motors-owned luxury car manufacturer Jaguar Land Rover (JLR) broke the half a million mark for the first time in its history as per its latest vehicle sales results released this week.
The Oil Marketing Companies (OMCs) will be in focus as they have increased prices of petrol by Rs 2.58 per litre and diesel rates by Rs 2.26 per litre in order to align the domestic rates of the automobile fuels with global prices.
Country’s largest carmaker Maruti Suzuki will resume production of vehicles at its Gurgaon facilities from Wednesday.
Reliance Industries (RIL) said it had signed agreements with Total SA of France for sale of its entire 76 per cent stake in Gulf Africa Petroleum Corporation (Gapco), for an undisclosed sum.
ONGC Videsh (OVL), the foreign arm of state-run Oil and Natural Gas Corporation (ONGC), has signed an agreement with SOCAR Trading, trading arm of Azerbaijan’s government-owned energy firm, SOCAR, for foraying into oil trading business.
IDFC Bank’s Bharat Banking division is eyeing government business such as disbursal of subsidy and scholarships in a big way.
HDFC Bank, the country’s second-largest private sector lender, SmartBuy aims to double the spends on its marketplace.
The Enforcement Directorate (ED) on Tuesday seized the properties of Winsome Diamonds and Jewellery, one of the country’s biggest bank loan defaulters.
Reserve Bank has allowed Axis Bank to raise foreign shareholding to up to 62%, from the earlier limit of 49%.
Public sector Andhra Bank on Tuesday said it plans to raise Rs 2,700 crore for 2016-17, as per the financial requirements of the financial year.
International ratings agency Standard & Poor's (S&P) on Tuesday affirmed the BBB+ rating on Reliance Industries with stable outlook, citing likely fall in its leverage due to improved operational performance.
With Reuters input
