Indian Shares Likely To Open With Negative Bias

(RTTNews) - Lower SGX Nifty and Asian stocks, and a weak lead from Wall Street point to a negative start for Indian shares on Thursday.

After the Federal Reserve raised interest rate by 25 basis points and signaled further tightening to fight inflation, U.S. stocks tumbled overnight, setting up a weak start for Asian stocks.

U.S. Treasury Secretary Janet Yellen's comments that the regulators are not looking to provide any "blanket" deposit insurance to stabilise the US banking system, without working with law makers, hurt sentiment and triggered heavy selling on Wall Street.

The Dow and the Nasdaq, both plunged 1.6%, while the S&P 500 tumbled 1.7%.

Hindustan Aeronautics will be in focus after the government said it will sell up to 3.5% stake in the company at Rs 2,450 per share through an offer for sale.

Hero Motocorp said it will raise the ex-showroom prices of some of its motorcycles and scooters, effective from April 1.

KEC International announced it has secured new orders worth Rs 1,560 crore for transmission & distribution projects from Power Grid Corporation.

The Indian stock market ended modestly higher on Wednesday after staying firm right through the day's session despite paring most of its early gains.

The benchmark BSE Sensex, which surged nearly 350 points to 58,418.78 in early trades, ended with a gain of 139.91 points or 0.24% at 58,214.59. The broader Nifty 50 index of the National Stock Exchange closed higher by 44.40 points or 0.26% at 17,151.90.