Wall Street ended with minor cuts as reaction to US Fed continue to remain as per policy and stance maintain by US Fed. Recent optimism on pause was not guided for, it is hawkish as compared to pre-event.
US Fed raises rates by 50-bps to bring interest rate to 4.25% – 4.50%, median for 2023 raised to 5.1%. February 2023 rate hike will depend on incoming data.
Major scheduled event for this month has concluded after US Fed meeting outcome, market will be in holiday mood in 2nd half of month.
FII – F&O data: FII net long in index futures @ 59.32% / no of contracts at 32436.
Approach on Indices: Nifty @ 18600 & Banknifty @ 43800 / 44000 could end as today is weekly options expiry.
Market View: Focus will continue on Mid-cap & Small-cap stocks and Government sectors stocks. Major scheduled event is over for year 2022, market will now focus on budget and this up move could further gain momentum on pre-budget rally.
SGX Nifty @ 18684.50 down 65.50 points at 8:40 AM