Stock market today: SGX Nifty wins 57 points; Asian markets cautious ahead of Fed policy outcome; all eyes on SBI Q2 results



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Q2 results today

SBI, Eicher Motors, Bata India, ABFRL, Pfizer, Gujarat State Petronet, Uflex, Grindwell Norton and Gujarat Alkalies & Chemicals are among the companies that will report their September quarter results today.

SGX Nifty signs a positive start

Shrewd futures on the Singapore Stock Exchange traded 57 points, or 0.32%, up to 17,978, signaling that Dalal Street was heading for a positive start on Wednesday.

Technical view: Nifty50 obstacle at level 18,000

Nifty50 on Tuesday took a break after a day of solid gains. None of the key technical indicators had given a buy signal the day before, analysts said, who noted that the index saw selling pressure at the 18,000 level, which was also its immediate hurdle. The 18,000 to 18,100 range will be the key to watch, they added, while suggesting 17,850 to 800 as an immediate support range for the index going forward.

Dollar stands tall as Fed moves to cut

The dollar held a striking distance from the year’s peaks on the euro and yen on Wednesday, as investors expected the Federal Reserve to begin unwinding political support for the pandemic era more quickly than the central banks of Europe and Japan. Movements were slight in Asia ahead of the Fed meeting later today and the dollar bought 113.94 yen, from a peak of 114.69 in 2021, and was trading at $ 1.1578 per euro. . The US dollar index maintained its overnight gains to sit at 94.117.

Oil prices tumble amid sharply rising US inventories

Oil prices fell on Wednesday as industry data pointed to a sharp increase in inventories of crude oil and distillate in the United States, the world’s largest consumer of oil, and pressure mounted on OPEC to increase supply. Brent crude futures fell 98 cents, or 1.2%, to $ 83.74 a barrel, while US West Texas Intermediate (WTI) crude futures fell 1.32 $, or 1.6%, at $ 82.59 per barrel.

Hong Kong stocks start to pull back

Hong Kong stocks opened slightly lower on Wednesday morning as investors await the conclusion of a key Federal Reserve meeting later today, hoping to get a feel for its monetary policy plans. The Hang Seng Index fell 0.15%, or 38.74 points, to 25,060.93. The Shanghai Composite Index fell 0.13%, or 4.52 points, to 3,501.11, while the Shenzhen Composite Index on China’s Second Stock Exchange fell 0.09%, or 2 , 27 points, at 2390.00.

The Japanese market closed for the holidays

Financial markets in Japan are closed on Wednesday for a public holiday. On Tuesday, the benchmark Nikkei 225 slipped 0.43% or 126.18 points to close at 29,520.90, while the broader Topix index fell 0.64% or 13.05 points to 2,031.67.

US Fed Policy Results Today

At the end of its two-day meeting on Wednesday, the U.S. central bank is expected to broadly disclose its intention to reduce its $ 120 billion monthly purchases of treasury bills and mortgage-backed securities. Yields on US Treasuries fell and the curve steepened overnight as the market waited for clues to seemingly persistent inflation and future interest rate hikes.

US stocks hit new records

Wall Street added to its recent streak on Tuesday as stock indexes hit new highs again and the Dow Jones Industrial Average closed above 36,000 points for the first time. The Dow Jones and the S & P500 each rose 0.4%. The Nasdaq gained 0.3%. All three indices also hit all-time highs on Monday. The S & P500 Index extended its winning streak into a fourth day, rising 16.98 points to 4,630.65. The Dow gained 138.79 points to 36,052.63 and the Nasdaq added 53.69 points to 15,649.60.

REITs buy shares worth Rs 245 crore

Net-net, foreign portfolio investors (REITs) turned buyers of domestic stocks to the tune of Rs 244.87 crore, according to data available from NSE. DIIs were net sellers to the tune of Rs 6 crore, the data suggests.

The rupee gains 19 paise to 74.68 against the dollar

The rupee gained 19 paise to close at 74.68 against the US dollar on Tuesday, supported by foreign capital inflows into local IPOs amid a sluggish trend in the domestic stock market. In the interbank forex market, the domestic unit opened at 74.83 against the greenback and saw an intraday high of 74.66 and a low of 74.86 during the day. He ultimately finished at 74.68 to the dollar.

Sensex, Nifty50 Tuesday

The benchmark BSE Sensex fell 109 points on Tuesday due to the losses of the main indices Reliance Industries, Tata Steel and ICICI Bank in a context of moderate trend in global markets. The index of 30 stocks finished 109.40 points or 0.18% lower at 60,029.06. The larger NSE Nifty Index lost 40.70 points or 0.23% to 17,888.95.

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