Market may open lower on weak global cues

September 21,2023

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could decline 38 points at the opening bell.

Global markets:

Overseas, Asian stocks fell across the region after the U.S. Federal Reserve held its benchmark policy rate, but said it will raise interest rates one more time this year, according to the central bank's projections. Projections showed the central bank expects to hike rates to a median of 5.6% by the end of 2023, up from the current range between 5.25% and 5.5%.

US stocks ended lower on Wednesday as investors digested the Fed's moves. The Federal Reserve left interest rates unchanged at the conclusion of its two-day meeting Wednesday. However, the central bank signaled it still expects one more hike before the end of the year and fewer cuts than previously indicated next year. The final increase, if realized, would be the last in this cycle, according to the Fed's projections.

Domestic markets:

Back home, domestic equity barometers tanked on Wednesday, sliding for the second consecutive trading session. The barometer index, the S&P BSE Sensex dropped 796 points or 1.18% to 66,800.84. The Nifty 50 index lost 231.90 points or 1.15% to 19,901.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,110.69 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 573.02 crore in the Indian equity market on 20 September, provisional data showed.

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