Indian shares are turning in a mixed performance Wednesday morning, with investors largely making cautious moves as they look ahead to the Federal Reserve’s policy move.
The Fed, which is scheduled to announce its monetary policy later today, is widely expected to hold rates unchanged for now, but could address the outlook for its asset purchase program.
The minutes of the Fed’s last meeting signaled the central bank was prepared to begin scaling back asset purchases by the end of the year.
Activity is largely stock specific with investors tracking corporate news for direction.
The benchmark 30-share BSE Sensex, which rose to 59,178.44 after declining to 58,886.83 earlier, is up 64.50 points or 0.11% at 59,069.77.
The National Stock Exchange’s Nifty index, which drifted down to 17,528.95, is up 14.10 points or 0.08% at 17,576.10.
Tech Mahindra is climbing nearly 4.5 percent. NTPC, Mahindra & Mahindra, HCL Technologies, IndusInd Bank and Reliance Industries are up 1 to 2 percent.
Infosys is gaining 0.75 percent. The IT major announced a collaboration with digital workflow company ServiceNow to provide enterprise-level service management for customers in manufacturing industries.
Maruti Suzuki, Bajaj Auto, Bharti Airtel and Tata Consultancy Services are also up in positive territory.
HDFC is declining by about 1 percent. Nestle India, HDFC Bank, Axis Bank, Hindustan Unilever and Dr Reddy’s Laboratories are also weak.
Tata Power has reportedly restarted fund-raising efforts for its renewables business, and is said to be looking to raise up to Rs 5,500 crore for its subsidiary Tata Power Renewables Energy Limited. The stock is gaining nearly 1 percent.
KEC International Limited is up 0.8 percent after the company announced it has bagged orders worth Rs 1,157 crore across various business segments, including for projects in the Middle East, Africa and the Americas.
Shares of Nucleus Software Exports Limited are soaring nearly 11 percent after the company announced that its board will consider buyback of shares on Friday.
Market Analysis
Sensex, Nifty Marginally Higher In Cautious Trade
2021-09-22 05:12:46
