Key Things To Know Before Market Opens On Wednesday

Trends on SGX nifty indicate a negative opening for Nifty and Sensex.
Key Things To Know Before Market Opens On Wednesday

The Indian equity benchmarks are likely to open on a negative note on Wednesday, as indicated by the Nifty Futures traded on the Singapore Exchange. The SGX Nifty Futures fell 161 points or 1.02 per cent to 15,692.50.

On Tuesday, the Indian equity benchmarks managed to form a small bullish candle on daily trading charts with Sensex rising marginally by 16 points to 53,177 and Nifty 50 index gaining 18 points to end at 15,850.

Here are key things to know before market opens on Wednesday:

Asian Markets: 

Most of the Asian markets were trading with losses after taking cues from Wall Street’s negative closing. Japan's Nikkei 225 was down by 1.07 per cent, Shanghai Composite (SSE) fell 0.58 per cent, Hong Kong's Hang Seng declined 1.67 per cent, Taiwan Weighted fell 1.16 per cent and South Korea's KOSPI was down by 1.74 per cent.

US Markets:

The benchmark index was down by 2.05 per cent, with high growth stocks dragging it down. However the rising oil prices uplifted the prices of energy companies. The S&P 500 fell by 2.01 per cent at 3,821.55.

The Dow Jones Industrial Average was down by 1.56 per cent at 30,946.99 points. The Nasdaq Composite was down by 2.98 per cent at 11,181.54 points.

FED Official Promises Further Rate Hike

The US Federal Reserve has promised further rate hikes to control the historically high inflation rate and also decided to push back on recession fears for the time being. The San Francisco US Federal Reserve president said in an interview on Linkedin that going forward inflation would be a major constraint and threat to the US economy. Markets worldover have been falling for the last few months due to rising interest rates in the US.

Stocks in Focus on June 29

Reliance Industries:  The chairman of Reliance Industries Ltd, Mukesh Ambani resigned from the board of Reliance Jio yesterday to hand over  the company to his son Akash Amabni. Mukesh Ambani has been gradually promoting his children in his business and it will be interesting to see how the next generation leads the charge of Textiles-to-telecom conglomerate.

Tata Steel: Tata Steel Chairman N Chandrasekaran on Tuesday said the company will boost the operation of Neelachal Ispat Nigam Ltd to 1.1 million tonne per annum over the next one year.

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