MARKET VIEW
GLOBAL MARKETS
US stocks closed lower in volatile trading on Wednesday following a policy announcement by the Federal Reserve that raised interest rates by an expected 50 basis points.
The Federal Reserve reinforced its inflation fight Wednesday by raising its key interest rate for the seventh time this year and signaling more hikes to come. But the Fed announced a smaller hike than it had in its past four meetings at a time when inflation is showing signs of easing.
Dow Jones fell 142.29 points, or 0.42%, to 33,966.35.
S&P 500 lost 24.33 points, or 0.61%, to 3,995.32.
Nasdaq Composite dropped 85.93 points, or 0.76%, to 11,170.89.
S&P/ASX 200 fell 0.19%. Nikkei 225 in Japan traded marginally lower as investors digest trade data from Japan and South Korea. South Korea’s Kospi also fell 0.44%.
Brent Crude Oil fell 1.04% traded at 81.9$ per barrel.
INDIAN MARKETS
Sensex rose 145 points to 62,678, while the Nifty50 climbed 52 points to 18,660 and formed a Doji kind of pattern on the daily charts, indicating indecisiveness among bulls and bears. Banknifty climbed 102 points to 44049.
The sectors which outperformed were Realty, Metal, IT and the only sector which underperformed was FMCG.
Foreign institutional investors (FIIs) net bought shares worth Rs 372.16 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 926.45 crore.
TODAY’S VIEW
The market is expected to open Gap down as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 60 points.
As per the pivot charts, the key support level for the Nifty is placed at 18,639, followed by 18,624 & 18,600. If the index moves up, the key resistance levels to watch out for are 18,687 followed by 18,702 and 18,726.