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Market may open near flat line; US Fed meet in focus

Published on Nov 01, 2023 08:30

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 9 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Wednesday ahead of a policy decision from the U.S. Federal Reserve, as investors monitored a slew of manufacturing data. The Fed will conclude its two-day monetary policy meeting later in the day, with markets expecting the central bank to stand pat on interest rates.

China�s Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, marking the first contraction since July.

US stocks closed higher on Tuesday, regaining some ground at the end of a dismal month that was defined by surging interest rates.

Domestic markets:

Back home, the domestic stock market witnessed a tumultuous session on Tuesday, with selling pressure prevailing in most sectors, leading to a decline in the benchmark indices. The Sensex wrapped up the day 237.72 points lower, representing a 0.37% decrease, settling at 63,874.93. Similarly, the Nifty 50 experienced a slide of 61.30 points, or 0.32%, ending at 19,079.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 696.02 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 340.25 crore in the Indian equity market on 31 October, provisional data showed.

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