INDIAN BENCHMARKS are likely to open on a positive note as the global cues look supportive with SGX Nifty trading 54 points higher.
Most Asian stocks rose after Fed Chair Janet Yellen called for a slower pace of US interest rate tightening as she stressed that the rate of inflation in the US hasn’t yet proven to be sustainable in the wake of rising global risks that could slow growth in the American economy.
China’s Shanghai Composite soared by more than 1.5 per cent led by a rise in financial and commodity shares, Hang Seng jumped over 1.6 per cent while Japan’s Nikkei 225 fell as a stronger yen eroded the lure for exporter stocks.
Yellen’s signal over a cautious approach to raising borrowing costs lifted US stocks on Tuesday while sentiment was also boosted after a gauge measuring US consumer confidence climbed to 96.2 in March from 94 in February.
The Dow Jones Industrial Average climbed 0.56 per cent; the Nasdaq Composite advanced 1.67 per cent while S&P 500 rose 0.88 per cent.
Major Headlines of the day:
• Sun Pharma to acquire 14 brands from Novartis
• Tata Steel: Board open to selling off UK biz
• BEL, Thales to develop PHAROS fire control radar
Trend in FII flows: The FIIs were net sellers of Rs -513.45 Cr in the cash segment on Tuesday while the DIIs were net buyers of Rs 556.69 Cr, as per the provisional figures released by the NSE.