MARKET VIEW
GLOBAL MARKETS
US stocks rose on Tuesday. US central banks began their last policy-setting meeting of the year Tuesday with data suggesting inflation is finally cooling, allowing them to slow their interest-rate hikes into next year.
Dow Jones rose 103.6 points, or 0.3%, to 34,108.64.
S&P 500 gained 29.09 points, or 0.73%, to 4,019.65.
Nasdaq added 113.08 points, or 1.01%, to 11,256.81.
Asia-Pacific markets traded higher on Wednesday, after stocks on Wall Street saw a second day of gains on an inflation print that came in cooler than expected.
In Japan, Nikkei 225 gained 0.26% while Topix was 0.24% higher. South Korea’s Kospi also rose 0.7%. In Australia, S&P/ASX 200 was just above the flatline.
Oil rose to more than $80 a barrel as investors bought up risk assets after US data pointed to slowing inflation.
Brent crude futures were up $2.85, or 3.4%, to $80.84 a barrel.
INDIAN MARKETS
Sensex fell 51 points to 62,130, while the Nifty50 gained 0.60% and closed at 18,497 and formed a bullish candle on the daily charts. Banknifty gained 0.54% and closed at 43946 and made another fresh high of 43984.
The sectors which outperformed were PSUBank, IT, Banks and sectors which underperformed were Realty, FMCG, Media.
Foreign institutional investors (FIIs) have sold shares worth Rs 138.81 crore, while domestic institutional investors (DIIs) bought shares worth Rs 695.60 crore.
TODAY’S VIEW
The market is expected to open Gap-up as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 103 points.
As per the pivot charts, the key support level for the Nifty is placed at 18,388, followed by 18,346 & 18,279. If the index moves up, the key resistance levels to watch out for are 18,522 followed by 18,563 and 18,631.