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Wednesday November 4, 10:00 AM
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BSE Sensex seen up; Reliance Inds watched
MUMBAI (Reuters) – The BSE Sensex (^BSESN : 16632.01 -222.92
) should open higher on Wednesday after the finance minister said the fiscal stimulus will be maintained, but gains will be limited after the market fell to its lowest close in two months in the previous session.
The government will maintain its fiscal stimulus due to uncertainty arising from a poor monsoon and the global outlook, Pranab Mukherjee said on Tuesday, as data showed the summer crop could post a bigger-than-expected fall.
"To an extent, the finance minister's comments will help us and we may open in the positive. But the question is if we can really hold on to that," said Ambareesh Baliga, vice-president at Karvy Stock Broking.
"The market has clearly broken all crucial support levels. Panic has already struck," he said.
Energy giant Reliance Industries (RELIANCE.NS : 1045.95 -17.8) will be watched as the hearing of its gas-pricing dispute with Reliance Natural Resources resumes in the Supreme Court.
Asian shares were mixed with the MSCI's measure of Asian markets other than Japan trading 0.95 percent higher by 0320 GMT, while Japan's Nikkei was down 0.1 percent.
The Nifty (^NSEI : 4941.75 -63.8) India stock futures in Singapore were trading 1.6 percent higher, indicating the domestic market may open up.
On Tuesday, the 30-share BSE index fell 3.1 percent to 15,404.94, taking losses over six sessions to 8.4 percent.
(For more news on Reuters Money visit http://www.reutersmoney.in)
