Shawshank, VA 9/21/2011 (PennyPayDay) – The Indian markets are trading higher on Wednesday after a bout of initial volatility. However, investors remain cautious as they await the outcome of the U.S. Federal Reserve's policy-setting meeting that concludes later in the day.Federal Reserve Chairman Ben Bernanke is expected to announce some monetary measures or extra steps to boost the U.S. economy, which is at risk of slipping into another recession.
The benchmark 30-share BSE Sensex is currently gaining 56.12 points or 0.33 percent to 17,155.40, and the broader NSE Nifty index is adding 7.90 points or 0.15 percent to 5,148.10.
Jet Airways' shares are up 0.87 percent after the private air carrier said it has received delivery of its first Boeing 737-800 aircraft, which will be inducted in the airline's fleet this month. The aircraft is the first of the 11 such Boeing 737-800s, whose delivery is expected between October 2011 and March next year.
Coal India's shares are up 1.03 percent after the company said it plans to invite a second round of bidding for jointly developing its 18 abandoned mines in a couple of months. These abandoned mines have reserves of around 1.6 billion tonnes.
Shares of mobile operators Bharti Airtel and Idea Cellular are trading higher by 0.65 percent and 0.41 percent respectively. Bharti Airtel, India's largest listed mobile operator by sales, has signed up 1.15 million new mobile users in August 2011, taking its total number of users in the country to 171.85 million.
India's third-largest listed mobile operator by sales, Idea Cellular, added 2.33 million mobile subscribers in August 2011, taking its total number of users in the country to 98.44 million.
Lupin said its subsidiary, Lupin Pharmaceuticals Inc. has received final approval from the U.S. Food and Drug Administration for its abbreviated new drug application to market a generic version of Watson's NOR-QD oral contraceptive tablets. Shares of the company are gaining 1.30 percent.
Larsen & Toubro is reportedly set to partner government-owned Hindustan Shipyard for shipbuilding, as the defence ministry has recommended the company as the preferred partner. The company's shares are up 1.32 percent.
Voltas is reportedly in advanced discussions to acquire Wipro's water purification and treatment business. The company's shares are gaining 1.54 percent.
State-run power equipment maker BHEL rose 0.74 percent after the company fixed October 4, 2011 as the record date for a 5-for-1 stock split.
Index heavyweight Reliance Industries, Tata Power, Jaiprakash Associates, Axis Bank and Reliance Infrastructure were among the notable losers in the Sensex and the Nifty.
Automaker Maruti Suzuki said Tuesday it produced a total of 620 units of the Swift hatchback, up from 600 units on Monday, September 19, at both its factories, even as labor problems at one of the plants remains unresolved. The company's shares are down 1.29 percent.
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