Key Factors Impacting D-St on Sept 29: US Indices Rise, Sept F&O Expiry & More

  • Stock Market News
Key Factors Impacting D-St on Sept 29: US Indices Rise, Sept F&O Expiry & More

By Malvika Gurung -- Sell-off continued on Dalal Street as the RBI’s three-day MPC meeting commenced and the domestic equity market closed lower for the sixth consecutive session on Wednesday amid elevating US Treasury bond yields and weakness persisting across global markets as concerns grew over the US Fed’s aggressive monetary tightening.

The equity benchmarks Nifty50 and Sensex closed almost 1% lower and recorded fresh two-month lows in the day as bears continued to dominate the market.

Nagaraj Shetti of HDFC (NS: HDFC ) Securities states that the overall market trend continues to be weak with no confirmation of any buying emerging from the lows.

He pegs a pullback rally on the Street from 16,750-16,800 levels over the upcoming 1-2 sessions and sees an immediate resistance at 17,000.

Here are some key factors that will likely influence trading on the Street on Sept 29.

  • Major indices on Wall Street gained in a comeback rally led by the US Treasury yields recouping from multi-year highs, which lifted rate-sensitive growth stocks in the market.
  • Nasdaq Composite surged1.46%, Dow Jones jumped 1.65% and S&P 500 shot up by 1.62% at the time of writing.
  • Global benchmark yields were pushed lower as British bond prices climbed after the Bank of England announced a bond-buying plan, as per which the central bank will start buying as many long-dated government bonds as required to calm the markets and restore financial stability.
  • Analysts expect volatility ahead of the monthly expiry for Futures & Options contracts on Thursday end.
  • Regarding Nifty Bank , analysts see further bearishness in the near term as the index slid under the key support at 38,000.

Read Also: Sensex’s Losing Run Extends; Negative Bias Indicated for Nifty Bank & Key Levels

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