Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, were in red in early morning opening trade on Wednesday, trading flat ahead of the US Federal Reserve meet later in the day. While BSE Sensex was above 83,000, Nifty50 was near 25,400. At 9:33 AM, BSE Sensex was at 83,040.87, down 39 points or 0.047%. Nifty50 was at 25,403.25, down 15 points or 0.060%.
Ajit Mishra, SVP of Research at Religare Broking, notes, “The recent market action suggests that participants are in a wait-and-watch mode ahead of the US Fed meeting, although rotational buying in large-cap stocks is maintaining a positive tone.”
Technical analysis by Deepak Jasani from HDFC Securities suggests that the Nifty is currently consolidating ahead of a significant event. A breakout from the 25292-25442 range could lead to a more pronounced move in that direction.
In the United States, stocks closed nearly flat on Tuesday, giving up earlier gains that had propelled the S&P 500 and Dow Jones Industrial Average to record highs. Investors remained cautious ahead of the Federal Reserve’s first rate cut in four and a half years.
The S&P 500 briefly touched 5,670.81 earlier in the session, supported by fresh economic data that helped ease concerns about a significant slowdown in the U.S. economy.
Most Asian markets edged higher ahead of the Federal Reserve’s policy decision, with traders divided on the magnitude of the expected interest rate cut. S&P 500 futures were unchanged as of 9:22 a.m. Tokyo time, while Hang Seng futures also remained flat. Japan’s Topix rose 0.8%, and Euro Stoxx 50 futures climbed 0.8%. However, Australia’s S&P/ASX 200 dipped 0.1%.
The dollar stabilized on Wednesday following stronger-than-expected U.S. retail sales data, which slightly reduced expectations of a substantial interest rate cut at the beginning of the U.S. easing cycle.
Foreign portfolio investors (FPIs) emerged as net buyers, investing Rs 482 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares worth Rs 874 crore.
Several stocks are under the F&O ban today, including Balrampur Chini Mills, Hindustan Copper, GNFC, RBL Bank, PNB, Bandhan Bank, Biocon, Birlasoft, LIC Housing Finance, and Granules. The net long position of FIIs decreased from Rs 2.13 lakh crore on Monday to Rs 2.2 lakh crore on Tuesday.
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/stock-market-today-bse-sensex-nifty50-september-18-2024-dalal-street-indian-equities-global-markets-us-federal-reserve/articleshow/113443341.cms