Market is seen opening lower, tracking mixed cues from Asian markets. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 8.50 points at the opening bell.
Overseas, Asian shares were mixed as investors adopted a cautious stance prior to the Federal Reserve's policy decision and further news on US-China trade talks.
US stock benchmarks on Tuesday closed mostly lower in a volatile session, as investors digested news on trade and awaited a policy decision by the rate-setting Federal Open Market Committee due Wednesday. Investors will focus on the statement issued by policy makers.
Chinese officials have reportedly shifted their stance on trade because after agreeing to changes to their intellectual-property policies, they have not received assurances from the Trump administration that tariffs imposed on their exports would be lifted, curbing hopes of a deal.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin reportedly plan to travel to China next week for another round of trade talks with Chinese Vice Premier Liu He.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 2132.36 crore on 19 March 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 1253.67 crore on 19 March 2019, as per provisional data.
Local stocks extended gains for seventh straight trading session yesterday, 19 March 2019, amid support from index pivotals. The barometer index, the S&P BSE Sensex, gained 268.40 points or 0.70% to 38,363.47. The Nifty 50 index rose 70.20 points or 0.61% to 11,532.40.
On the economic front, GST Council in the 34th meeting held on 19 March 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than affordable house.
In respect of ongoing projects, the promoters shall be given a one -time option to continue to pay tax at the old rates (effective rate of 8% or 12% with input tax credits, or ITC) on ongoing projects (buildings where construction and actual booking have both started before 1 April 2019) which have not been completed by 31 March 2019. The option shall be exercised once within a prescribed time frame and where the option is not exercised within the prescribed time limit, new rates shall apply.
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