Nifty to Open Higher After US Fed Eases Rate Hike Fears; RIL in Focus

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Nifty to Open Higher After US Fed Eases Rate Hike Fears; RIL in Focus
Credit: © Reuters.

By Aditya Raghunath -- Nifty 50  and the BSE Sensex 30 are set to open higher today after fears over the US Federal Reserve’s rate hikes were put to ease. Fed Chairman Jerome Powell said that there would be no rate hikes until the economy showed solid signs of recovery.

“We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances,” said Powell before a US House of Representatives panel.

Nifty 50 Futures in Singapore are trading up 0.97% which indicates a green opening for Indian markets. Brokerages expect Reliance Industries Ltd (NS: RELI ) to move up after its Annual General Meeting on Friday. The stock has already moved up 12% in the last one month.

Asian markets are all positive after the US Fed news. Nikkei 225 , KOSPI 50 and the Shanghai Composite are trading up 0.11%, 0.36% and 0.38% as of this report.

Ivan Glasenberg, CEO at Glencore PLC (LON: GLEN ), spoke at the Qatar Economic Forum where he said that the boom in commodity prices would continue and that China’s efforts to cool prices will be short-term.

Crude oil prices have slowed down their ascent and are trading at $73.08 as of this report. However, large institutions like Bank of America (NYSE: BAC ) say that prices will hit $100 a barrel on supply and demand mismatch.

Dow Jones 30 Futures are up 0.23%, S&P 500 Futures are up 0.17% and Nasdaq 100 Futures are up 0.26% as of this report.

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  • Twenty years Exp @Twenty years Exp
    Fed chief said clearly, usa inflation in deep critical condition. Citizens are not able to meet the basic expenses - school dropouts are more. Unemployment increasing. Industrial production level comes down. Buying capacity comes down. Vaccination drive is not successful. Virus waves are increasing and *****more people. Travel become expensive goods price increased. World wide market moment in bubble. Not matching with real economy. Bad loans are increasing. Banking and financial institutions npa’s are increasing. Bubble will melt and go down to reality price.
    Like 5

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