Ashoka Buildcon jumps after emerging as lowest bidder (L1) for projects Ashoka Buildcon advanced 11.33% to Rs 255.50 on BSE after the company emerged as lowest bidder for road construction projects in Maharashtra. The announcement was made after market hours on Tuesday. READ MORE IDFC advances after large bulk deal on Tuesday IDFC was up 1% to Rs 50.40 on BSE after witnessing a large bulk deal between two fund houses on Tuesday. Copthall Mauritius Investment sold 96.74 lakh shares of IDFC to Baobab Global Fund at Rs 50 per share in a bulk deal on the BSE on Tuesday. READ MORE US move may lead to global trade war, says WTO chief Roberto Azevedo World Trade Organization (WTO) Director-General Roberto Azevedo has warned of a potential global trade war as other nations could retaliate against recent decisions by the US to unilaterally raise tariffs and repeatedly target the multilateral rules-based trade regime. READ MORE Market Check S&P BSE Sensex 33,216.21 0.67% Nifty 50 10,191.60 0.66% S&P BSE 200 4,462.09 0.74% Nifty 500 8,986.10 0.74% S&P BSE Mid-Cap 16,148.34 0.95% S&P BSE Small-Cap 17,385.32 1.12% Canara Bank asset sale: New non-performing assets rules offset gains Several banks are looking at selling their non-core assets to clean their balance sheets. Canara Bank, too, is selling its entire (30.4 per cent) stake in the housing finance company, Can Fin Homes (CFH), for which the bank has received commercial bids. The company’s executive director P V Bharathi has confirmed the development and expects the process to be completed by March 31. READ MORE Nifty PSU Bank index gained over 1.5% COMPANY LATEST PREV CLOSE GAIN() GAIN(%) VOLUME IDBI BANK 76.50 73.70 2.80 3.80 414070 CANARA BANK 261.30 254.20 7.10 2.79 57753 BANK OF INDIA 103.35 100.70 2.65 2.63 189701 UNION BANK (I) 98.30 96.45 1.85 1.92 45232 ANDHRA BANK 43.35 42.55 0.80 1.88 28110 ALLAHABAD BANK 50.25 49.35 0.90 1.82 20071
The benchmark indices were trading higher on Wednesday ahead of US Federal Reserve's key interest rate decion.
Among sectoral indices, the Nifty PSU Bank index was trading nearly 1.5% higher led by a rise in the shares of IDBI Bank, Bank of India and Canara Bank.
In the global markets, a hush settled over financial markets on Wednesday as investors waited to hear how often the Federal Reserve might hike interest rates this year, while the currencies of exporting nations were rattled by fears of a full-blown trade war.
MSCI’s broadest index of Asia-Pacific shares outside Japan was barely changed after four straight days of losses. Japan's Nikkei was closed for a local holiday.
Among currencies, the dollar held firm against major currencies on Wednesday as traders look to whether the US Federal Reserve will indicate faster monetary tightening this year, with the first rate increase of 2018 almost unanimously expected later in the day.
Markets have largely priced in three US rate hikes this year, but some analysts suspect the Fed’s ‘dot plot’ of forecasts could shift up to four and spook risk assets.
US President Donald Trump is expected to unveil up to $60 billion in import duties on Chinese goods by Friday. The move comes after Trump imposed tariffs on imported steel and aluminum earlier this month.
(with Reuters inputs)
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