The Indian stock market is likely to open on a somewhat cautious note on Wednesday, with investors looking for direction.
Activity is expected to be stock-specific with quarterly earnings reports setting the trend.
Larsen&Toubro will be in focus after the company announced it would sell its electrical and automation business to Schneider Electric for a cash consideration of Rs 140 billion. The divestment is part of L&T’s larger plan to streamline its operations by divesting from non-core assets.
The overnight weak close on Wall Street and largely sluggish Asian markets may render the mood a bit cautious.
Automobile stocks are likely to see action. Maruti Suzuki, Tata Motors, Mahindra & Mahindra and Eicher Motors have all reported good surge in vehicles sales in April.
Cement stock will be in focus with investors tracking April shipment data from major cement manufacturers.
Meanwhile, according to the data released by the Commerce & Industry Ministry on Tuesday, the growth of eight core sectors slowed to 3-month low of 4.1% in March due to weak performance in as many as six sectors including coal, crude oil and natural gas.
Refinery products, steel and electricity sectors too registered slower growth in March, the data showed.
Markets across the globe are awaiting the Federal Reserve’s monetary policy, due later in the day. It is widely expected that the Fed will keep rates unchanged, but the focus is on what the central bank is going to state with regard to outlook for rates.
by RTTNews Staff Writer
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