Indian equity benchmarks are expected to open higher, as indicated by the Nifty futures contracts traded on the Singapore Stock Exchange. SGX Nifty futures rose 65 points to 14,779. In yesterday’s session, Sensex and Nifty broke their five-day streak led by gains in Reliance Industries after the company announced that ‘It would get approval by the second quarter of next fiscal year to split its petroleum-chemicals business.
Meanwhile, a gauge of global equity markets rebounded in a late-session rally on Tuesday after U.S. Federal Reserve Chairman Jerome Powell allayed fears of an interest rate hike that have rocked bonds and helped boost assets tied to expectations of a strong recovery.
Copper, a leading indicator of the business cycle, hit a 9-1 / 2 year high before dampening early gains, while crude stabilized at a near breakeven point. But oil rose slightly as the Dow and S&P 500 went dark and Tesla recouped the biggest losses.
Back home, stocks of the metal will be the center of attention due to the rise in copper prices in international markets.
Tata Consumer Products will be the focus as the company will replace GAIL India from March 31 in the basket of Nifty 50 shares.