Market may open on flat note
Published on Mar 23, 2023 08:38
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 5 points at the opening bell.
Overseas, Asian stocks are trading lower on Thursday, following Wall Street`s reaction overnight after the U.S. Federal Reserve hiked rates by another 25 basis points.
US stocks end sharply lower on Wednesday after the U.S. Federal Reserve delivered a widely expected 25 basis point policy hike. U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises.
The Federal Reserve hiked its benchmark interest rate by another 25 basis points, in line with Wall Street`s predictions. The increase takes the benchmark federal funds rate to a target range between 4.75%-5%.
The Federal Open Market Committee said in a post-meeting statement that it �will closely monitor incoming information and assess the implications for monetary policy.� Fed projections call for just one more hike this year.
Treasury Secretary Janet Yellen said Wednesday that the FDIC was not considering providing �blanket insurance� for banking deposits. Yellen made the remarks at a hearing of a U.S. Senate appropriations subcommittee. Yellen said the administration was not considering expanding bank deposit guarantees beyond the current limit of $250,000, as per reports.
Back home, Indian equity indices advanced for the second consecutive session on Wednesday amid positive global cues. The barometer index, the S&P BSE Sensex rose 139.91 points or 0.24% to 58,214.59. The Nifty 50 index added 44.40 points or 0.26% to 17,151.90.
Foreign portfolio investors (FPIs) bought shares worth Rs 61.72 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 383.51 crore in the Indian equity market on 22 March, provisional data showed.
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