By RTT News, September 18, 2013, 12:35:00 AM EDT
(RTTNews.com) - Indian shares are swinging between gains and losses on Wednesday as investors brace for the prospects of modest Fed stimulus tapering. The Indian rupee rose marginally in early trading after the government increased import duty on gold jewelry to help narrow the country's current-account deficit and the Reserve Bank of India reportedly cracked down on offshore foreign exchange trading by Indians through online trading websites.
Brent crude oil prices fell below $108 a barrel as Syrian concerns eased and output resumed at Libya's El Feel and El Sharara oil fields. Gold dropped to its lowest level in almost six weeks before the outcome of the Fed's two-day policy meeting later in the day.
The Asian markets are trading mostly lower, with Japan's Nikkei index bucking the downward trend to rise nearly 2 percent, bolstered by a weaker yen.
Closer home, the benchmark Sensex is currently trading flat at 19,802, while the broader Nifty index is down 6 points or 0.1 percent at 5,845.
Infosys is losing half a percent after its head for the company's BPO sales in Australia quit to join Accenture.
Jet Airways is down 0.6 percent on concerns the Jet-Etihad Airways deal may be delayed as BJP leader Subramanian Swamy filed a petition in the Supreme Court challenging the Rs 2,058 crore deal.
Financial Technologies is rallying 9 percent even as its subsidiary, National Spot Exchange defaulted on payments for the fifth time. Suzlon Energy is rising 2.3 percent on winning new orders.
SKS Microfinance is climbing 9.6 percent after it secured 'A' and 'A1' ratings for its short-term bank facilities for an aggregate sum of Rs 2,000 crore.
Reliance Broadcast Network is locked at the 5 percent upper circuit limit ahead of a board meet today to consider delisting of its equity shares from stock exchanges. Polaris Financial Technologies is gaining 4 percent on stake sale reports.
India's benchmark indexes Sensex and the Nifty erased early losses to end up less than half a percent each on Tuesday, with IT stocks pacing the gainers as the rupee showed signs of weakness against the dollar after recent strength.
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