Benchmark Nifty closed marginally down on Wednesday after recovering 180 points from the day's low. Analysts said Indian equities may remain range-bound ahead of the US Federal Reserve's policy decision. Meanwhile, the rupee fell 21 paise against the US dollar, and foreign investors bought shares worth Rs 872 crore.
Synopsis
Benchmark Nifty experienced a marginal decline after recovering from a significant low during the trading session. Analysts believe Indian equities may remain range-bound ahead of the US Federal Reserve's upcoming policy decision. The rupee weakened against the US dollar due to rising crude oil prices and a strengthening dollar. Foreign portfolio investors were net buyers on Wednesday, with significant purchases noted.
Benchmark Nifty closed marginally down on Wednesday, after recovering 180 points from day's low. Analysts say Indian equities are likely to remain range-bound ahead of the US Federal Reserve’s policy decision, with a rate hold. However, the Fed’s guidance on the future rate trajectory will be crucial for near-term market direction, particularly given September’s projections indicating the possibility of another hike by December.
STATE OF THE MARKETS
Tech View: A decisive breakout beyond these levels will trigger the next trending move. With elevated crude oil, US 10-year yields topping 5%, and India VIX above 15, traders should maintain caution and strictly align strategies with the prevailing broader trend.
India VIX: India VIX, which is a measure of the fear in the markets, fell 0.1% to settle at 16.24 levels.
US stocks end higher
US stocks ended higher on Wednesday after the Federal Reserve held interest rates steady, as expected, while investors assessed the central bank's economic outlook and looked ahead to quarterly results from Microsoft and Alphabet, Reuters reported. The gains came as chipmakers recovered from a recent selloff, with strong results from South Korean chipmaker SK Hynix supporting optimism around demand for artificial intelligence infrastructure.
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Stocks in F&O ban today
1) Kaynes
2) SAIL
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
FII/DII action
Foreign portfolio investors net bought shares worth Rs 872 crore on Wednesday. DIIs, meanwhile, were net buyers at Rs 643 crore.
Rupee
The rupee depreciated 21 paise to close at 95.28 against the US dollar on Wednesday, weighed down by a stronger US dollar and surging crude oil prices.
Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here
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