Indian Equity Market: The Indian equity market is expected to open on a cautious note on Wednesday amid mixed performance in global markets.
Asian markets were mixed, but U.S. stocks rose in overnight trading as investors looked for further clues about the trajectory of interest rates from comments from Federal Reserve officials.
Indian stock market indexes ended cautious trading flat on Tuesday amid mixed global indicators.
The Sensex fell by 52.63 points or 0.07% to close at 73,953.31, while the Nifty 50 gained 27.05 points or 0.12% to close at 22,529.05.
“Despite the FII sell-off and the high level of India VIX, the market is stable and we expect it to rise gradually going forward.The main events to watch this week are UK inflation data, US existing housing sales numbers, FOMC minutes,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.
Also read: Buy or sell: Vaishali Parekh recommends 3 stocks to buy today – May 22
Key global market cues for Sensex today include:
asian market
Asian markets traded mixed on Wednesday as investors assessed Japan’s economic data.
Japan’s Nikkei fell 0.5% and South Korea’s Kospi lost 0.35%. Hong Kong’s Hang Seng Index was at 19,212, marking a slightly weaker start compared with the HSI’s closing price of 19,220.62.
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GIFT Nifty is trading around 22,620 levels, a premium of nearly 20 points from the previous closing price of Nifty futures, indicating a flat-to-positive turn for the Indian stock market index.
Also read: SEBI issues ‘uninfluenced price’ concept and other guidelines to reduce impact of market rumors on stock prices
wall street
U.S. stock markets rose on Tuesday, with the S&P 500 and Nasdaq closing at record highs.
The Dow Jones Industrial Average rose 66.22 points, or 0.17%, to 39,872.99, and the S&P 500 rose 13.28 points, or 0.25%, to 5,321.41. The Nasdaq Composite Index rose 37.75 points, or 0.22%, to end at 16,832.62.
Among stocks, Nvidia stock rose 0.64%, AutoZone stock fell 3.53%, and Macy’s stock rose 5.13%. JPMorgan Chase stock rose 2.01%, and International Business Machines stock rose 2.09%.
us federal reserve system
According to Reuters, Federal Reserve policymakers said the central bank should wait several more months before cutting interest rates to ensure that inflation is indeed back on track at its 2% target. said. Policymakers made the remarks as the Fed downplayed discussions of further interest rate hikes, but also said they felt it was necessary to further cool the economy.
Japan’s trade deficit
Japan’s exports rose 8.3% in April from a year earlier, and imports rose 8.3% in the year to April, compared with economists’ expectations for a 9.0% increase. As a result, Japan’s trade balance was in the red by 462.5 billion yen ($2.96 billion).
Read also: U.S. inflation and the Fed’s outlook weighed on consumer demand, sending oil prices down by more than $1.Brent crude oil costs $82 per barrel
oil price
Oil prices extended their declines on rising US crude oil inventories, with Brent crude down 0.57% to $82.41 per barrel and US West Texas Intermediate (WTI) crude futures down 0.68% to $79.26.
(Information provided by Reuters)
Disclaimer: The views and recommendations above are those of individual analysts or brokerages and not of Mint. We recommend checking with a certified professional before making any investment decisions.
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