(RTTNews) - Indian shares look set to open flat to slightly higher on Wednesday amid speculation the government may rationalize the tax structure for equities by November-end.
Telecom stocks could be in focus after the government set up a panel of secretaries to suggest measures to mitigate financial stress in the telecom sector.
Benchmark indexes Sensex and the Nifty soared 1.5 percent and 1.4 percent, respectively on Tuesday as Tata Motors extended strong gains from the previous session and reports suggested that the government may scrap dividend distribution tax as part of a revamp of tax structure on equities.
The rupee gave up some early gains to end up by 6 paise at 70.84 against the U.S. dollar amid a fall in oil prices and hopes of divestment.
Asian markets edged lower this morning as caution prevailed ahead of the Federal Reserve's highly anticipated monetary policy announcement, due out later in the day.
The dollar and oil were little changed while gold prices held steady after reports of possible delay in the U.S.-China trade pact.
U.S. stocks ended lower overnight after reports suggested a phase one trade deal between the U.S. and China may not be signed by a summit in Chile next month.
The Dow Jones Industrial Average and the S&P 500 edged down around 0.1 percent while the tech-heavy Nasdaq Composite shed 0.6 percent.
European markets fell broadly on Tuesday as traders monitored earnings, Brexit news and the latest developments on the U.S.-China trade front.
The pan European Stoxx 600 declined 0.2 percent. The German DAX ended marginally lower and the U.K.'s FTSE 100 eased 0.3 percent while France's CAC 40 index inched up 0.2 percent.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
