Indian Shares Look Headed For Positive Start

(RTTNews) - Higher SGX Nifty, firm Asian markets and the overnight surge on Wall Street point to a positive start for Indian shares on Wednesday.

Amid somewhat easing concerns about banking turmoil following the coordinated steps taken by governments and central banks to rescue troubled U.S. and European banks, stocks rallied overnight in the U.S. and European markets, and most of the markets across the Asia-Pacific region are exhibiting strength today.

The Federal Reserve's two-day monetary policy meeting began on Tuesday. The U.S. central bank is widely expected to raise interest rate by 25 basis points today.

The Reserve Bank of India said in its State of the Economy report on Tuesday that the Indian economy has remained resilient amidst high tides of uncertainty and is better positioned than many parts of the world to head into a challenging year head.

"Even as global growth is set to slow down or even enter a recession in 2023…India has emerged from the pandemic years stronger than initially thought," the RBI says in its report.

In company news, Tata Power Renewable Energy has received the the Letter of Award from Maharashtra State Electricity Distribution Company to set up a 200 MW solar PV project in Solapur.

Tata Motors has hiked the prices of its commercial vehicles by up to 5%, effective April 1, as it seeks to comply with the stringent BS6 phase II emission norms.

Indian shares ended on a firm note on Tuesday as fears of contagion in the banking sector subsided after the rescue of Credit Suisse by UBS and moves by central banks to improve dollar liquidity.

The benchmark S&P BSE Sensex jumped 445.73 points, or 0.77 percent, to 58,074.68, while the broader NSE Nifty index settled 119.10 points, or 0.7 percent, higher at 17,107.50.