Summary: Investors are likely to take cues from crude oil prices, March quarter earnings and movement of rupee against the US dollar on Wednesday. Moreover, trading is expected to remain volatile ahead of the expiry of Futures and Options (F&O) contracts of April series. Q4 numbers will be announced by 15 companies including Hexaware Technologies, Indiabulls Housing Finance, ICICI Prudential Life Insurance Company, M&M Financial Services, Muthoot Capital Services, Shriram City Union Finance, and Ultratech Cement. In the primary market, the initial public offer (IPO) of specialty chemicals firm Neogen Chemicals opens today. Rupee, on Tuesday, closed at Rs 69.63 against a dollar, marginally higher than Monday’s close of Rs 69.67. The S&P BSE Sensex and Nifty traded flat for the most part of the day on Tuesday, seeing selling pressure only during the last trading hour. While the former closed 80 points lower at 38,565, the latter slipped 18 points to close at 11,576 level. India VIX, a gauge to measure the volatility in the Indian equity market touched an intra-day high of 3 per cent. GLOBAL CUES Oil prices inched lower on Wednesday after markets were assured of “adequate global supply” despite the US announcing no “reissue of waivers” against Iran sanctions. Brent crude futures were at $74.24 per barrel at 6:28 am, down 27 cents, or 0.4 per cent from their last close. Asian markets rallied after upbeat earnings helped the Nasdaq and S&P 500 indices record closing highs on Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent in early trade in Asia. Japan is also due to release its Industry activity index today. In the US markets, Dow Jones Industrial Average rose 0.52 per cent to 26,647.97. S&P 500 and Nasdaq Composite added 0.91 per cent and 1.35 per cent each to close at 2,934.31 and 8,123.25, respectively
