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Indian stocks are likely to open higher after yesterday's sharp fall.
Short-covering may be seen after stocks crashed on Tuesday as a drop in the rupee to record lows raised worries the RBI might introduce more measures to tighten liquidity. However, the rupee recovered after the government announced Raghuram Rajan as RBI’s governor.
At 800 hrs Indian Standard Time the SGX Nifty was up 26 points at 5,591.
According to technical experts, the Nifty may seek support around 5,485-5,455, while face resistance around 5,595-5,630.
Overnight, U.S. stocks slid for a second consecutive day on Tuesday after comments from a pair of U.S. Federal Reserve officials left investors uncertain about the timing of a possible reduction in its bond-buying program.
The Dow Jones industrial average fell 93.39 points or 0.60 percent, to end at 15,518.74. The S&P 500 declined 9.77 points or 0.57 percent, to 1,697.37. The Nasdaq Composite dropped 27.182 points or 0.74 percent, to 3,665.77.
Asian stocks fell to their lowest since mid-July early on Wednesday following a second day of losses on Wall Street as uncertainty about when the Federal Reserve will start to reduce stimulus kept a leash on market bulls.
MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.4 percent, extending a 0.5 percent decline on Tuesday to trade at their lowest since July 19. Tokyo's Nikkei shed 2.4 percent to trade at one-week lows.
Back home, Aban Offshore, Apollo Tyres, Lupin, NMDC, GlaxoSmithKline, Cadila Health, Ranbaxy Labs, Emami, MOIL are set to unveil April-June 2013 quarter results today.
STOCKS TO WATCH
NTPC and L&T have evinced interest in picking up stake in the 2400 Mw power plant proposed by OTPCL, a 50:50 joint venture between OMC and Odisha Hydro Power Corporation (OHPC).
SpiceJet is in active discussions with Singapore-based budget carrier Tigerair for a possible stake sale even as they are set to sign a code share agreement soon.
Adani Group plans to take part in the auction of $800 mn assets of Stemcor India, joining the likes of Tata Steel, JSW and JSPL.
Bombay Dyeing reported a net loss of Rs 27.57 cr for the first quarter ended June 30, 2013, due to higher expenses.
GAIL India plans to sell part of its 4.6% stake in Hong Kong-listed city gas distribution firm China Gas Holdings
