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Nifty likely to open in green; Asia subdued

Asian shares posted a subdued opening on Wednesday, tracking a mixed finish on Wall Street overnight as uncertainty over when the Federal Reserve will raise rates prevailed.

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The Nifty is likely to open in the green with indicator SGX Nifty trading at 8768.50, up 34 points at 07.52 AM.

On Tuesday, the market ended with some robust gains. The Sensex ended up 298.67 points or 1 percent at 28736.38 and the Nifty was up 90.15 points or 1 percent at 8723.30. About 1355 shares have advanced, 1461 shares declined, and 197 shares are unchanged.

Asian shares posted a subdued opening on Wednesday, tracking a mixed finish on Wall Street overnight as uncertainty over when the Federal Reserve will raise rates prevailed.

Japan’s Nikkei 225 index retreated from Tuesday’s fresh 15-year high as markets reacted to a smaller-than-expected increase in February’s export data. China’s Shanghai Composite opened up 0.4 percent to a fresh seven-year high as a widening fall in February’s new home prices fueled hopes of further stimulus.

Australia’s S&P ASX 200 index halved losses in mid-morning trade, as some index heavyweights turned positive.

All eyes will be on the Fed as it announces its policy decision later tonight. Investors looking at whether or not “patient” remains in the text as an indication of when short-term interest rates might go up

In the US, stocks closed mostly lower ahead of the Fed’s statement that could shed light on the timing of an interest rate hike. Stocks came off session lows in the close, with only the Nasdaq in the black. The major indices held on to gains for the year.
And in Europe, equities closed lower, pulling back from highs reached on Monday, as investors there weighed economic data and focused on the Fed meeting.

In the currency space, the dollar slips for a second straight day against major currencies, pressured yet again by unexpectedly weak US economic data. The euro is back above 1.06 to the dollar.

In commodities, crude prices decline amid fears of an oil glut in the US. Nymex crude traded around 42 dollars while brent slipped to 53 dollars per barrel.

From precious metals space, gold fell to a four-month low on investor jitters ahead of the policy meeting that may offer further clues to support expectations of a mid-2015 rise in US interest rates.

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