Indian Shares Likely To Open Higher

(RTTNews) - Indian shares look headed for a positive start on Wednesday, tracking global cues. Activity is likely to turn stock specific with investors reacting to corporate news. Automobile stocks may find support with several companies deciding to pass on the benefit of recent GST reduction to customers.

Expectations of a larger than expected interest rate cut by the Federal Reserve next week may continue to aid sentiment. The focus is also on the tariff front, with the U.S. and Indian Prime Ministers reportedly looking to conclude negotiations at the earliest.

Vikram Solar Limited reported a whopping 484% jump in consolidated profit to Rs 22.8 crore for the first quarter of its current financial year.

Bajaj Auto shares will be in focus after the company announced that it has decided to pass on the benefit of the recent GST reduction to customers across its Bajaj, KTM motorcycles and three-wheeler range, effective September 22. The company has reduced the prices of two-wheelers by up to Rs 20,000 and the three-wheelers by up to Rs 24,000.

Eicher Motors has also decided to pass on the full benefit of the GST rate reduction to its customers across its various products with effect from September 22.

The telecom company has filed a petition with the Supreme Court, disputing the computation of additional AGR dues and requesting a reassessment of its obligations.

Indian shares settled modestly higher on Tuesday, tracking positive cues from global markets amid expectations of sharp rate cut by the Federal Reserve next week following recent weak labor market data and pressure from the Trump administration.

IT stocks were in demand after Infosys said its board would meet on Thursday, September 11, to consider a share buyback proposal.

The benchmark BSE Sensex closed up 314.02 points, or 0.39 %, to 81,101.32 while the broader NSE Nifty index ended with a gain of 95.45 points, or 0.39%, at 24,868.60.

Asian stocks are higher with investors reacting to data showing a drop in China's inflation in August.

The major U.S. averages hit record closing highs on Tuesday. The Dow climbed 0.4% to 45,711.34, the Nasdaq closed up 0.4% at 21,879.49, and the S&P 500 moved up 0.3% to 6,512.61.