Nifty to Open Higher as Markets Digest Fed News; Rupee Lost Ground

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Nifty to Open Higher as Markets Digest Fed News; Rupee Lost Ground

By Aditya Raghunath -- It’s been a mixed round of trading sessions for the markets around the world after the US Fed said that there would be two rate hikes in 2023. Nifty 50 and the BSE Sensex 30 are expected to open up today as initial signs point to a gap-up opening. Nifty 50 Futures in Singapore are trading up 0.45% which point to a green opening.

An Economic Times report says that private equity firm Carlyle will sell 5.1% of its stake in SBI (NS: SBI ) Cards and Payment Services Ltd (NS: SBIC ) today for $682 million or Rs 5,000 crore. After the US Fed news, the Indian rupee lost ground against the US dollar and closed at Rs 74.08. A stronger dollar bodes well for IT companies who should see strength today.

Confederation of Indian Industry (CII) President TV Narendran said that the government should look at providing another round of stimulus worth Rs 3 lakh crore to boost sentiment and the Indian economy.

Yesterday, the Nasdaq moved up while Dow Jones closed lower and S&P 500 remained largely flat. US futures are all trading up as of this report with Dow Jones 30 Futures up 0.17%, S&P 500 Futures up 0.15% and Nasdaq 100 Futures up 0.24%. Today in early trade in Asia, Nikkei 225 and KOSPI 50 are trading up 0.31% and 0.14% while the Shanghai Composite is trading down 0.45%. Expect Indian markets to follow this course.


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