D-Street’s Opening Cues on Fed Move, Powell’s Remarks: Key Indicators

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D-Street’s Opening Cues on Fed Move, Powell’s Remarks: Key Indicators
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.09% or 15 points lower at 8:34 am on Thursday, indicating a muted opening on Dalal Street. 

However, the Dow Jones Futures and Nasdaq 100 Futures gained 0.45% each.

Major indices in the US fell sharply and pared gains on Wednesday, following an expected 25 basis point rate hike by the Fed and Chair Jerome Powell’s subsequent Q&A session and remarks, reinstating the central bank’s commitment to keeping a check on inflation while vowing to use all the tools for providing aid to the recently-battered banking sector.

FOMC members said in a statement hinted that the central bank could extend some aid to the financial sector turmoil by pausing future interest rate hikes.

Nasdaq Composite tumbled 1.6%, Dow Jones slumped 1.65% and S&P 500 fell 1.63%. 

Asian markets traded mixed on Thursday after rising in early trade following the Fed’s hints of a possible pause in future rate hikes given the US banking turmoil yet Powell stuck to rein the sticky inflation.

At 8:39 am, South Korea’s KOSPI 50 advanced 0.19%, Japan’s Nikkei 225 slipped 0.24%, China’s Shanghai Composite traded flat, Hong Kong’s Hang Seng rose 0.7%, and Australia's ASX 200 declined 0.52%.

Oil prices declined on Thursday, tracking weak economic signals following Powell’s announcement, while OPEC+ is likely to keep the output unchanged in April despite the prices plummeting recently.

Brent crude fell 0.8% to $76.05/barrel and WTI Futures tanked 1% to $ 70.18 a barrel. Natural Gas Futures slid 0.5%.

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  • angchuk tsering @angchuk tsering
    US is biggest scammers
    Like 0
  • Sanket Gadhvi @Sanket Gadhvi
    if buyers can't manage to break 40k with high volume i think we can see 39,500- 39,200 very fast but so far buyers are active and managing to push prices high.
    Like 1
  • Moin Shaikh @Moin Shaikh
    today's expiry might be Sideways. Will have to wait and watch few session Asian market movement and in the night ndq and dow movement for further direction possibly.
    Like 1
  • Ajay Gupta @Ajay Gupta
    Like 0

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