Expect positive opening; Keep eye on Fed Meet

Indian equities market ended lower after hitting a six-week high on Tuesday, due to a decline in the Pharma shares, with Lupin hurting the most and attributed to the fact that Asian equities languished after the Bank of Japan offered a bleaker view of the country’s economy ahead of the US Federal Reserve’s rate-setting meeting. The Sensex ended lower 253.11 points or 1% at 24551.17; and the Nifty broke the crucial 7,500 level and settled lower by 78.15 points or 1.04% at 7,460.60. While, on the broader markets front, the BSE Mid-Cap index fell 0.79% and the BSE Small-Cap index fell 0.62%.

U.S. stocks ended in the mix and mostly lower, weighed by a tumult in oil prices and a series of lackluster economic data, ahead of the Federal Reserve’s important decision on interest rates that began Tuesday. The Dow Jones Industrial Average rose 22.40 points, or 0.1%, to 17251.53, while the S&P 500 fell 3.71, or 0.2%, to 2015.93. The Nasdaq Composite fell 21.61, or 0.5%, to 4728.67.

U.S. crude-oil futures sank 2.3% to USD 36.34 a barrel as traders shifted their focus to an oversupply of crude. U.S. oil futures have risen 7.7% so far this month on expectations of lower production. Crude prices fell more than 3% on Monday.

European stocks have closed lower amid broad concerns about the global economic outlook and as investors await the conclusion of the U.S. Federal Reserve's policy meeting on Wednesday. The Stoxx Europe 600 fell 1.1% to close at 340.86. Britain's FTSE 100 fell 0.6% to end the day at 6,139.97, while France's CAC 40 shed 0.8% to 4,472.63. Germany's DAX dropped 0.6% to 9,933.85.

Asian shares traded in the mix on Wednesday before a Federal Reserve policy decision due later, and news being awaited from the National People's Congress meeting in China. Japan's Nikkei 225 index took a knock from a firmer yen and slipped 0.52%, while Australia’s S&P/ASX 200 Index traded flatly. New Zealand’s S&P/NZX 50 Index fell 0.26%. South Korea’s Kospi index rose 0.32%. The Shanghai Composite Index traded flatly, after swinging between gains and losses, while the Hang Seng Index added 0.2%.

While on domestic front, A SGX Nifty 50 index future for March series traded up 18 points at 7,500. Indian markets are likely to open in green. Investors must keep an eye on US Federal Reserve policy meeting.