Indian Shares Likely To Open On Negative Note

(RTTNews) - Lower SGX Nifty, and weak global cues point to a negative start for the Indian stock market on Wednesday. Also, some traders may look to take some profits after recent gains.

Investors are likely to track quarterly earnings updates for some direction.

Tata Steel reported consolidated net profit of Rs 1,705 crore for the quarter ended March 31, 2023, down 82% from consolidated net profit of Rs 9,756 crore the company posted in the year-ago quarter.

Punjab & Sind Bank's net profit for the fourth-quarter came in at Rs 457 crore, up 32% from Rs 346 crore a year ago.

Ambuja Cements reported standalone net profit of Rs 502 crore, up marginally from the year-ago quarter.

ABB, Havells, KEC Industries, Godrej Properties, MRF and Tata Chemicals are among the companies scheduled to report their quarterly earnings today.

Airlines stocks are likely to be in focus after Go First filed for insolvency following a severe cash crunch after the airliner grounded nearly half of its fleet.

Asian stocks are down sharply today as investors await the Federal Reserve's policy decision.

The Fed is widely expected to raise rates by 25 basis points. The central bank's accompanying statement and Fed Chair Jerome Powell's post meeting press conference are eyed for clues on future rate hike moves.

On Wall Street, stocks fell sharply overnight as traders looked to cash in on recent strength ahead of the central bank's monetary policy announcement. Concerns about growth and banking sector woes weighed on sentiment.

The major averages recovered from their worst levels of the day but still posted steep losses. The Dow tumbled 367.17 points or 1.1% to 33,684.53, the Nasdaq slumped 132.09 points or 1.1% to 12,080.51 and the S&P 500 plunged 48.29 points or 1.2% to 4,119.58.

The major European markets too ended weak on Tuesday.

Indian shares posted modest gains on Tuesday. The benchmark S&P/BSE Sensex ended the session up 242.27 points, or 0.4%, at 61,354.71 - extending gains for the eighth consecutive session. The broader NSE Nifty index settled 82.65 points, or 0.46%, higher at 18,147.65 - extending its winning streak for the sixth straight session.