(Washington Insider Magazine) -In the dynamic world of stock markets, Nifty futures on the NSE International Exchange have traded 54 points, or 0.25 per cent, lower at 21,616.50. This suggests a potentially negative start for the domestic market on Wednesday. A confluence of factors from both domestic and global arenas has contributed to this scenario.
Mixed Global Cues: Asian Markets and US Fed Anticipation
Domestic stock indices are expected to open on a lower note, driven by mixed cues from Asian markets. In early trade, Asian stocks, particularly in mainland China, were mostly trading lower. This sentiment is further reflected in the varied performance of US stocks, which ended on a mixed note overnight. Traders await the much-anticipated US Federal Reserve’s policy outcome due later in the day.
Domestic Anticipation: Interim Budget and Corporate Earnings
Domestic traders are on edge in anticipation of the interim Budget scheduled for Thursday. Additionally, the stock market will witness the listing of Nova AgriTech shares today. The IPO, which aimed to raise Rs 143.81 crore via the primary route, has been closely watched.
Technical Analysis Insights: Nifty and Nifty Bank Outlook
Rajesh Bhosale, a Technical Analyst at Angel One, provides insights into the Nifty outlook. He suggests that a sustained Nifty trade beyond 21,750-21,800 could favor the bulls, opening possibilities for levels between 21,950 and 22,100. However, vigilance is advised, with immediate support at 21,350.
Jatin Gedia, a Technical Research Analyst at Sharekhan, shares the Nifty Bank outlook, indicating consolidation with an expectation of a pullback towards 46,000 from a short-term perspective.
Global Market Movements: Asian Shares, Oil Prices, Dollar Strength
Major stock markets in Asia experienced declines, influenced by uncertainties surrounding the US Fed’s policy outcome. Oil prices witnessed a dip in early Asian trading due to an escalating conflict in the Middle East. The dollar, on the other hand, is eyeing significant monthly gains.
Wall Street Recap: Mixed Performance
The tech-heavy Nasdaq faced losses as markets awaited high-profile corporate earnings and the Federal Reserve’s monetary policy meeting. The S&P 500 closed nominally lower, the Nasdaq Composite Index fell, and the Dow Jones Industrial Average rose.
Corporate Earnings and IPO Listing: Q3 Results and Nova AgriTech
Several prominent companies, including Sun Pharmaceutical Industries, Maruti Suzuki India, and Bank of Baroda, are set to announce their Q3 results today. Nova AgriTech is also making its Dalal Street debut following its IPO.
F&O Segment Ban and Foreign Investments
Zee Entertainment Enterprises (ZEEL) is the sole stock under the F&O segment ban by the National Stock Exchange (NSE) for today. Furthermore, provisional data suggests that Foreign Portfolio Investors (FPIs) turned net sellers of domestic stocks on Tuesday.
Rupee Movement: Appreciation Against the Dollar
The Indian rupee appreciated by 6 paise to settle at 83.10 against the dollar on Tuesday. This movement was influenced by a weak greenback against major currencies overseas and a muted trend in domestic equities.
Note: This comprehensive market update includes inputs from PTI, Reuters, and other agencies. Stay tuned for real-time market developments.