The 50-share Nifty index is expected to open lower on Wednesday following muted trend seen in other Asian markets. Tracking the momentum, the index may retest its crucial psychological level of 7800 in trade today. Asian markets were trading mostly lower even though China announced that it was reducing lending and deposit interest rates by 0.25 percentage points each and its reserve requirement ratio (RRR) by 0.50 percentage points.
At 08:00 A.M., Nifty India stock futures in Singapore were trading 78 points lower at 7,807 indicating a gap-down opening on the domestic market. Benchmark indices rose on Tuesday, bouncing back from their lowest levels in a year. Market sentiment also got a boost after the government said it would make another attempt to pass the goods and services tax (GST).
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