Nifty, Sensex Likely to Open Lower on Fed Tapering News

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Nifty, Sensex Likely to Open Lower on Fed Tapering News

By Aditya Raghunath -- It is almost a given that Nifty 50 and the BSE Sensex 30 will open in the red today after news broke that the US Fed is likely to start tapering its monthly asset purchases starting early 2022 or even in 2021. Nifty 50 Futures in Singapore are trading down 1.3% which signals a gap down opening for Indian markets.

It will be interesting to see if the market buys on the dip. Some market experts have said that there is a weak sentiment in the market, and in case there are no buyers, a drop of 5-7% in the near future can be expected.

Asian markets are all trading down. Nikkei 225 is down 0.67%, KOSPI 50 is down 0.49% and the Shanghai Composite is down 1.04% as of this report.

The global spread of COVID-19's Delta strain shows no sign of slowing down, with U.S. hospitals recording the highest death rates since February 2021.

“The Delta variant of COVID-19 is significantly more serious than anyone is really even pricing into the market,” Kramer Capital Research chief investment officer Hilary Kramer told Bloomberg.

US futures are all in the negative with Dow Jones 30 Futures and S&P 500 Futures down 0.15% each while Nasdaq 100 Futures are down less than 0.1%.

Crude oil has fallen over 3% and is now trading at sub-$64 levels as demand concerns go up along with the rising number of COVID-delta cases around the world.


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