The broader Asian equity indexes advanced, with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gaining 0.65%. Asian markets were driven by Alibaba, which jumped 15% on plans to split into six units and explore fundraisings or listings.
Wall Street equities closed lower on Tuesday as economic data and banking worries weighed on investor sentiment. U.S. consumer confidence unexpectedly rose in March, adding to concerns over a prolonged high-interest rate regime.
Investors await U.S. GDP and jobs data on Friday, which could provide insights into the impact of the Federal Reserve's monetary policy on inflation and growth.
The Nifty 50 fell on Tuesday, as the sell-off in Adani group stocks soured mood.
The group's stocks fell after a report said the conglomerate was seeking to renegotiate terms of outstanding loans worth $4 billion taken to buy ACC and Ambuja Cements. A group spokesperson termed the report "totally false and untrue." Meanwhile, foreign institutional investors (FIIs) turned buyers for a second time in the last 14 sessions on Tuesday, purchasing 15.31 billion rupees ($186.1 million) of equities.
Analysts expect high volatility in Wednesday's session ahead of the March derivatives series monthly expiry.
Stocks to Watch:
** Vedanta : Co declares fifth interim dividend of
20.50 rupees per share.
** Zydus Lifesciences : Co receives final approval
from U.S. FDA for drug used to treat diarrhoea.
** NBCC : Co receives work order worth 1.46 billion
rupees.
** SML Isuzu : Co to hike prices from April 1 to
offset higher input costs. ($1 = 82.1870 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by
Dhanya Ann Thoppil)
