Sensex pares gains to turn flat, Nifty slips below 10,550
Markets rose on Wednesday, snapping 6-day losing streak as global markets recover from recent sell-off. On Tuesday, the Sensex plunged as much as 1,274 points after a rout in the US and other major markets. The index, however, managed to recoup more than half its losses as investors resorted to value buying following a sharp three-day correction.
Besides global cues, investors will also look forward to the outcome of the Reserve Bank of India's monetary policy review due at 2:30 pm IST.
The central bank is widely expected to keep its key rate on hold on Wednesday, but toughen its rhetoric as inflation has accelerated sharply, making an increasing number of analysts see a hike this year.
Asian share markets were trying to find their footing on Wednesday as a semblance of calm returned to Wall Street where major indices bounced into the black after days of deep losses.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.7 per cent, recouping some of Tuesday’s 3.5 per cent fall. That had been its biggest daily drop since August 2015.
Chinese blue chips rallied 1.2 per cent and Japan’s Nikkei rebounded 3.1 per cent. The latter had slid 4.73 per cent on Tuesday for its steepest fall in 15 months.
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