Sensex Set to Open Higher on Positive Global Cues

The Sensex and Nifty are likely to open higher in trades on Wednesday tracking positive global cues. The Nifty futures traded on the Singapore Stock Exchange also indicated a positive start for the Indian markets. The Singapore Nifty or SGX Nifty was up 0.5 per cent or 39 points at 7,739. Asian stocks gained on Wednesday, with sentiment lifting as Wall Street rose before a likely hike in US interest rates, while the dollar held to large gains made as Treasury yields picked up. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.5 per cent. Japan's Nikkei gained 1.9 per cent and Shanghai stocks edged up 0.4 per cent. Overnight, US stocks rose broadly on Tuesday but ended far off their session highs ahead of Wednesday's interest rate decision from the Federal Reserve. Higher underlying inflation in November cemented market bets that the Fed will raise rates after its two-day meeting. The Dow Jones industrial average rose 156.41 points, or 0.9 per cent, to 17,524.91, the S&P 500 gained 21.47 points, or 1.06 per cent, to 2,043.41 and the Nasdaq Composite added 43.13 points, or 0.87 per cent, to 4,995.36. Back home, foreign institutional investors bought shares worth Rs 48.67 crore and the domestic institutional investors purchased shares worth Rs 274 crore on Tuesday. Stocks in Focus Maruti Suzuki: The shares of India's largest car manufacturer will be in focus today as voting by minority shareholders of Maruti Suzuki India to let its Japanese parent Suzuki invest and own the upcoming plant in Gujarat ended on Tuesday. The voting through postal ballot took place from November 16 to December 15 while the results will be announced on December 17. LIC Housing Finance: The company plans to acquire 19 per cent stake in LIC Nomura Mutual Fund AMC. BHEL: BHEL has commissioned 500 megawatt thermal unit in West Bengal. Mahindra Holidays: The company's arm has acquired 51 per cent stake in spa hotel firm Visionsbolaget. IVRCL: The board will consider conversion of part of debt into equity. Spicejet: The budget carrier plans to revamp fleet and may buy new 100-150 planes. (With agency inputs)

Sensex Set to Open Higher on Positive Global Cues

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