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Nifty to rise at open, tracking global cues; FOMC in focus

Indian shares are expected to open up in the green, tracking broad strength in Asian markets, and after a positive close on Wall Street overnight as the Federal Reserve started its 2-day rate-setting meeting.

TheNewsInternational Team

Indian shares are expected to open up in the green, tracking broad strength in Asian markets, and after a positive close on Wall Street overnight as the Federal Reserve started its 2-day rate-setting meeting where it will all but hike interest rates for the first time since the financial crisis.

At the time of writing, the SGX Nifty was trading 36.5 points, or 0.5 percent, to 7,736 points.

The market’s mood was also triggered by a stabilisation in crude oil prices, while the US dollar rose and crude held steady.

Closer home, markets will watch a number of factors, including political wrangling between the ruling BJP and opposition parties, to look for cues on whether the crucial GST bill can be passed in the few days left in Winter Session of Parliament.

In other news, the government said any financial transaction over Rs 2 lakh will need a PAN number. Trade data also came in yesterday, suggesting a major fall in both exports and imports — something that balanced out the trade deficit.

While auto stocks may be in focus after the Supreme Court yesterday proposed stopping registration of diesel vehicles above a certain capacity engine in Delhi, given the recent concerns over pollution levels. A final order is expected today.

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