The Indian benchmark indices are poised for a muted start on Wednesday, tracking weak global cues triggered by the U.S. Federal Reserve Chair Jerome Powell's comment that “equity prices are fairly highly valued". 

Powell also stated that further rate cuts are uncertain, as near-term risks to inflation are tilted to the upside and risks to employment are to the downside. “If we ease too aggressively, we could leave the inflation job unfinished and need to reverse course later to fully restore 2% inflation. If we maintain a restrictive policy for too long, the labour market could soften unnecessarily,” he said in his speech at the Greater Providence Chamber of Commerce 2025 Economic Outlook. 

After his remarks, Wall Street ended in the red, as the S&P 500 and Nasdaq declined by 0.55% and 0.95%, while the Dow Jones Industrial Average slipped by 0.19%. 

Even Asian equities were a mixed bag, as Japan’s Nikkei 225 was down by 0.42%, Singapore’s Straits Times by 0.02%, and South Korea’s KOSPI tumbled by 1.06%. On the other hand, the Hang Seng and Shanghai Composite were up by 0.24% and 0.1% respectively.

On the domestic front, the Gift Nifty Futures index showcased weakened cues for the benchmark indices. At 8:10 a.m., Gift Nifty marginally slipped by 0.11%, or 27 points, at 25,190.

Sensex and Nifty ended on a negative note on Tuesday, while extending their losses amid concerns over the US H-1B visa fee hike. The Sensex fell 57.87 points, or 0.07%, at 82,102.10, while the Nifty 50 fell by 32.85 points, or 0.13%, to 25,169.50.

Stocks in focus today:

Swiggy - The company’s board has approved a proposal for the sale of 10 equity shares and 1,63,990 Series D preference shares it holds in Rapido to Dutch investment firm Prosus Ventures for ₹1,968 crore, as well as 35,958 Series D preferential shares in Westbridge for about ₹432 crore. According to an exchange filing, Swiggy said the sale is a strategic decision to help realise the investments, for the benefit of the company and its shareholders.

Torrent Power - The company has acquired 11,95,110 equity shares of Newzone India (NZIPL) and 30,00,000 equity shares of Newzone Power Projects, the holding company of NZIPL (NZPPPL), for ₹211 crore, according to an exchange filing.

Tata Motors - Jaguar Land Rover, the British arm of the auto company, announced that it is extending the suspension of regular production activities until October 1, following a cyberattack on September 1. 

HCL Technologies - The company announced that they have renewed its long-standing digital transformation agreement with the Sweden-based commercial vehicle manufacturer. 

Bajaj Electricals - The board of the company has given its consent to a proposal for the acquisition of the ‘Morphy Richards’ brand and related intellectual property rights in the territories of India, Nepal, Bhutan, Bangladesh, the Maldives, and Sri Lanka from Glen Electric Limited.

VIP Industries - In an exchange filing, the company said the resignation of Neetu Kashiramka as Managing Director, saying she will continue in employment until October 31, 2025. The company’s board has appointed Atul Jain as an Additional Director (Managing Director) with effect from September 2025 for five years, subject to approval by the members.