Sensex, Nifty Seen Tad Higher At Open; Adani Group Stocks In Focus

(RTTNews) - Indian shares look set to open a tad higher on Wednesday as investors await cues from RBI, Fed and ECB meetings.

RBI's three-day policy meeting ends on Thursday, with economists expecting the central bank to leave the repo rate unchanged at 6.5 percent.

There are expectations for the Fed to pause its rate hiking cycle at next week's meeting while analysts expect the European Central Bank to hike rates by 25 basis points.

In its Global Economic Prospects report released on Tuesday, the World Bank raised its 2023 global growth forecast but lowered India's growth outlook to 6.3 percent in FY2023/24, a 0.3 percentage point downward revision from January.

Adani Group stocks will be in focus today after the Bombay Stock Exchange increased circuit limits for four group firms.

Benchmark indexes Sensex and Nifty fluctuated before finishing marginally higher on Tuesday. The rupee consolidated in a narrow range before settling 1 paise higher at 82.62 against the dollar.

Asian markets were mostly higher this morning as China stimulus hopes offset growth concerns. The dollar edged lower, and gold edged up slightly while oil steadied after ending lower on Tuesday on demand concerns.

U.S. stocks eked out modest gains overnight as investors awaited cues from inflation data and the FOMC meeting next week.

The Dow finished marginally higher, the S&P 500 rose 0.2 percent and the tech-heavy Nasdaq Composite added 0.4 percent.

European stocks rose on Tuesday despite growth and interest-rate concerns.

The pan European STOXX 600 advanced 0.4 percent. The German DAX edged up 0.2 percent, France's CAC 40 inched up 0.1 percent and the U.K.'s FTSE 100 gained 0.4 percent.