Nifty’s Opening Ahead of Fed’s Rate Hike Decision, Asian Peers Rise

  • Stock Market News
Nifty’s Opening Ahead of Fed’s Rate Hike Decision, Asian Peers Rise
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.2% or 33.5 points higher at 8:25 am on Wednesday, indicating a positive-to-flat opening on Dalal Street. 

However, the Dow Jones Futures dipped 0.09% and Nasdaq 100 Futures climbed 0.04%.

Major indices in the US rose sharply on Tuesday as fears of any more crisis in the banking sector allayed and all eyes shifted to Fed’s rate hike decision following a two-day policy meet concluding on Wednesday, where market participants widely expect a 25 basis point rate hike.

Gains on Wall Street were largely led by financial, energy and consumer discretionary stocks.

Nasdaq Composite jumped 1.58%, Dow Jones buoyed 0.98% and S&P 500 surged 1.3%. 

Asian markets surged on Wednesday, following an overnight rally on Wall Street ahead of the Fed’s rate hike decision later in the day, with concerns of the global banking crisis taking the back seat.

At 8:07 am, South Korea’s KOSPI rose 0.95%, Japan’s Nikkei 225 rallied 1.8%, China’s Shanghai Composite gained 0.4%, Hong Kong’s Hang Seng soared 2.2%, and Australia's ASX 200 surged 0.95%.

“The stock market is coming to a recognition that the banking crisis wasn't a crisis after all, and was isolated to a handful of banks," said Oliver Pursche of Wealthspire Advisors.

Oil prices declined on Wednesday following API data that indicated an unexpected rise in US crude stockpiles last week, while investors remained cautious ahead of the Fed’s decision due in the day.

Brent crude fell 0.8% to $74.7/barrel and WTI Futures slid to $ 69.03 a barrel. Natural Gas Futures tanked 1.5%.

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