Pre Session Commentary

Benchmarks may recover on positive Asian signals
(27-Sep-2018, 08:00 Hours IST)  

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 23 points at the opening bell.

Overseas, Asian shares were trading higher. US stocks surrendered earlier gains to close lower on 26 September 2018 after the US Federal Reserve raised interest rates by 25 basis points, as widely anticipated, and indicated its intent to tighten once more in December.

Monetary-policy makers unanimously voted to hike the benchmark interest rate by a quarter-point to a range of 2% to 2.25% and predicted another hike by December and three more in 2019. The Fed also dropped the phrase that its policy remains accommodative.

US Federal Reserve Chairman Jerome Powell told the media that the US Fed did not see inflation surprising to the upside. Powell also discussed the issue of trade tariffs and the ongoing trade war between the US and China, saying the Fed had heard a rising chorus of concerns from businesses all over the country.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 809.95 crore on 26 September 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1,555.44 crore on 26 September 2018, as per provisional data.

Key equity indices declined yesterday, 26 September 2018, weighed down by IT and FMCG shares. The Nifty managed to stay afloat above the key 11,000 level. Benchmarks traded with a negative bias for most part of the session as volatility creeped in a day ahead of expiry of derivative contracts for the month of September. Investors were cautious ahead of US Federal Reserve's decision on interest rates, which will be declared later in the global day. The Sensex fell 109.79 points or 0.30% to settle at 36,542.27. The Nifty 50 index fell 13.65 points or 0.12% to settle at 11,053.80.

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