Sensex, Nifty Set For Positive Open

Indian shares look set to open on a positive note Wednesday, but volatility may creep in with the progress of the session ahead of a long weekend.

Bharti Airtel and PNB Housing Finance could be in focus after the companies unveiled their quarterly results post markets hours on Tuesday.

Benchmark indexes Sensex and the Nifty fluctuated before ending down about 0.2 percent on Tuesday while the rupee gained 19 paise to close at 74.68 against the dollar.

Asian markets were mostly lower this morning and short-term sovereign yields retreated, as caution set in ahead of the Bank of England and Fed meetings where the central banks could cease the pandemic-era stimulus.

Australian stocks crept higher as iron prices stabilized. The dollar stood tall after Chinese Premier Li Keqiang said the economy is facing new downward pressure.

Oil prices fell as the U.S. increased pressure on OPEC+ to boost supplies and industry data pointed to a big build in crude oil and distillate stocks in the United States.

Gold edged lower while Bitcoin held around $63,000 amid a rally in cryptocurrencies.

U.S. stocks rose modestly to hit new record highs overnight as earnings optimism prevailed and the two-day FOMC meeting got underway.

The Dow and the S&P 500 rose around 0.4 percent each while the tech-heavy Nasdaq Composite gained 0.3 percent.

European markets ended higher on Tuesday despite weak Eurozone manufacturing data. The pan European Stoxx 600 edged up 0.1 percent.

The German DAX climbed 0.9 percent and France’s CAC 40 index added half a percent, while the U.K.’s FTSE 100 slid 0.2 percent, dragged down by miners.

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