Indian markets closed higher on Wednesday ahead of the important Fed Federal Open Market Committee (FOMC) meeting scheduled for later in the day. Both benchmark indices – Sensex and Nifty50 – closed nearly 2 percent higher, boosted by banking and auto stocks.

According to market analyst Mohit Nigam, who is also Head – PMS, Hem Securities, “Investor sentiment has been boosted amid positive Asian market signals as China announces it will roll out more economic incentives to deal with rising covid cases. ”

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Stocks in News

Stocks such as Union Bank, Punjab and Sind Bank, Indian Overseas Bank, Oil India, Dhanlaxmi Bank, Power Grid, J&K Bank, Manappuram Finance are likely to be in the spotlight on Thursday.

Company Actions

Banks Board Bureau recommends A Manimekhalai for the position of Managing Director (MD) and Chief Executive Officer (CEO) at Union Bank.

Likewise, it also recommends Swaroop Kumar Saha for the position of MD & CEO at Punjab & Sind Bank and Ajay Kumar Srivastava for the position of MD & CEO at Indian Overseas Bank

Oil India subsidiary invests Rs 6,555 crore for Numaligarh (Assam) petrochemical project

The board of Dhanlaxmi Bank is considering fundraising option through rights issue.

Power Grid’s board is considering fundraising through bonds.

Embassy REIT’s Board Considers Fundraising Plan

Manappuram Finance Board Considers Fundraising Plan Through Debt and Business

Board of J&K Bank also considers fundraising through bonds’

Economic indicators

US Fed FOMC decision

ECB President Lagarde speaks

Bank of England interest rate decision

Initial Unemployment Claims in the US

This post Stocks in the news: Power Grid, Oil India and PSU bank stocks among other key counters to watch on Thursday

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