Nifty likely to open in green; eyes on Fed meet

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Moneycontrol BureauAfter a choppy Monday with a positive closing, Nifty is likely to open in green for trade on Wednesday. SGX Nifty was trading at 7,436 level, up 13 points at 7:49 AM. In earnings, HDFC will report its third quarter numbers today. As per a CNBC-TV18 poll, the net interest margins (NII) will be at near 8.3 percent and profits could rise 10 percent. Asian markets bounced back strongly today to make up for losses on Tuesday. However, Shanghai market hit its lowest level since December 2014. In US, Wall Street rose aided by bounce in oil prices and positive earnings. All eyes will be on the Federal Reserve’s meet today. The federal open committee kicked off its two-day meeting on Tuesday and is scheduled to release its first statement today. In Europe, markets posted gains supported by rebound in oil prices and mining stocks, which rallied on price recovery in metals and oil both. In commodities, crude prices give up gains in trade on oversupply concerns. Brent crude is trading at USD 31 per barrel. Gold rose to a 12-week high, shrugging off strong stocks with nervous investors moving into safe havens.