Wall Street ended with cut of less than 1% on all major indices reacting to US Fed decision of 25-bps rate hike. US Fed guided for pause and avoided guiding for rate cut in near future.
US Fed chair Jerome Powell – If inflation stays high, we won’t cut rates, FOMC inflation outlook does not support rate cut.
Crude oil continues to drag lower on global economic concern, WTI Crude below $70 & Brent Crude oil below $75, lowest level since early 2022.
F&O data: FII net sold 15957 contracts in index futures. Nifty PCR @ 1.02 Vs 1.16 previous. Banknifty PCR @ 1.09 VS 1.00 previous. Nifty range seen 18000 – 18200 & Banknifty range 43000 – 43500 for today.
Approach on Indices: SGX Nifty indicate gap-down opening of 50 – 70 points as US Fed decision failed to bring any cheers. We expect volatility after initial opening and through out the day due to week options expiry.
SGX Nifty @ 18100 down 60.50 points at 8:10 AM