Wall Street down by around 1.60% – 1.65%, as late sell-off seen post treasury secretary Jennet Yellen ‘s comment on blanket insurance on Bank deposit.
US Fed hikes rate by 25-bps to 4.75% – 5.00%. In line with market estimate. Fed median forecast for 2023 seen at 5.1% and by end of 2024 median rate @ 4.3%
Fed statement removed reference about “ongoing increases” will be appropriate and replaced with “some additional policy firming may be appropriate”
VIX @ 14.81: expect to further cool-off towards 14.
F&O data: FII net short by 196378 contracts in index futures. FII net short is 36% of entire outstanding position in Index futures.
Approach on Indices: SGX Nifty indicate flat opening, Indices continue to trade in oversold zone. US Fed outcome and Wall Street overnight failed to provide much needed trigger for short covering. Nifty range seen @ 17100 – 17200 & Banknifty range seen around 39900 – 40200 due to weekly options expiry.
SGX Nifty @ 17142.50 down 15.50 points at 8:30 AM