Nifty’s Opening Cues Ahead of Fed Policy Decision, SGX Nifty Dips

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Nifty’s Opening Cues Ahead of Fed Policy Decision, SGX Nifty Dips
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.44% or 84.5 points lower at 8:47 am on Wednesday, indicating a lower opening on Dalal Street.

Further, the Dow Jones Futures rose 0.13% and Nasdaq 100 Futures traded flat.

Major US indices fell over 1% on Tuesday amid renewed fears over the financial system which pulled the shares of regional banks lower, while investors worked around figuring out the duration of how much longer the Fed would continue to hike interest rates amid worries that it will push the economy into recession.

The US Fed is set to release its monetary policy statement on Wednesday, followed by the central bank’s cues on further rate hikes as investors are anxious if it would be the Fed’s last rate hike for now or if further raises are in the pipeline going ahead.

Nasdaq Composite and Dow Jones declined 1.08% each, while S&P 500 fell 1.16%.

Asian shares traded mixed on Wednesday after falling in early trade amid signs of a weakening economy and ahead of a crucial Fed’s policy announcement today.

Read Also: Fed Meet, ECB Meet Among Prominent Events in Busy Holiday-Truncated Week

At 8:44 am, South Korea’s KOSPI fell 0.75%, Japan’s Nikkei 225 climbed 0.12%, Hong Kong’s Hang Seng index tumbled 1.7%, China’s Shanghai Composite surged 1.14% and Australia’s ASX 200 tanked 1.11%.

Oil prices traded flat on Wednesday, with Brent crude at $75.34/barrel and WTI Futures traded at $71.63 a barrel. Natural Gas Futures climbed 0.36%.

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