- India’s benchmark indices Sensex and Nifty50 are likely to see a gap-up opening on Wednesday amid positive global cues.
- SGX Nifty, an early indicator of how the markets may perform, was up 0.6% or 98 points early in the morning today.
- Bharti Airtel, Reliance Industries, RailTel are amongst stocks to watch today.
India’s benchmark indices Sensex and Nifty50 are likely to see a gap-up opening on Wednesday amid positive global cues. SGX Nifty, an early indicator of how the markets may perform, was up 0.6% or 98 points early in the morning today.
Earlier on Tuesday, markets witnessed heightened volatility to end the fourth consecutive day in red. Sensex closed 0.58% lower at 57,900 while Nifty50 lost 0.65% to close at 17,043.
Markets rebound on inflation print in line with expectations
Markets in the US rebounded on the inflation print coming in line with expectations, while concerns of a wider contagion due to the collapse of Silicon Valley Bank and Signature Bank eased.
Dow Jones Industrial Average rose 1.06% while S&P 500 logged in gains of 1.68%. The tech-heavy Nasdaq closed 2.14% in the green.
Mirroring the smart uptick in the US markets, markets in Asia were all positive on Wednesday morning, led by Hang Seng and KOSPI which were up 1.8%. Taiwan Weighted gained 0.84% while Shanghai Composite was up 0.62%. Nikkei 225 gained 0.28%.
Stocks to watch
Bharti Airtel: The Sunil Mittal-led telco has eliminated the base ₹99 plan from its prepaid offerings in all the 22 circles. Airtel’s entry-level plan now costs ₹155 across the country.
Reliance Industries: Its retail arm, Reliance Retail, has received approval from the Competition Commission of India in respect to the acquisition of Metro Cash & Carry. Additionally, its telecom arm Reliance Jio has launched a new postpaid plan starting at ₹399, offering unlimited free 5G data.
RailTel: Bagged an order worth ₹288 crore from Centre for Development of Advanced Computing for supply, installation, integration, testing and commissioning of IT infrastructure in New Delhi and Bengaluru.
Cipla: To sell a 51.8% stake in its Ugandan subsidiary to Africa Capitalworks for $25-30 million.
