Markets likely to shed gains on global cues; Axis Bank, Tata Motors in focus

 Markets likely to shed gains on global cues; Axis Bank, Tata Motors in focus

Mumbai: Indian equity markets are likely to be lower on Wednesday while trends in SGX Nifty suggest a weak opening for domestic benchmark indices. On Tuesday, the BSE Sensex rose 612.60 points or 1.24% to close at 50,193.33. The Nifty was up 184.95 points or 1.24% at 15,108.

Asian stocks tracked US declines Wednesday as concern about faster inflation shadowed the economic recovery from the pandemic. A dollar gauge ticked up from near the lowest level this year.

Shares fell in Japan, China and Australia after key US equity benchmarks closed lower. Markets are closed Wednesday in Hong Kong and South Korea for holidays.

A slide in crude on the possibility of more supply from Iran hurt energy stocks. Treasury yields were steady.

Stocks have been volatile after touching a record in early May, whipsawed by concerns about accelerating inflation amid elevated commodity prices, as well as a covid-19…

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