Pre-Open: Nifty’s Opening Ahead of Fed’s Policy Outcome & Mixed Asian Cues

  • Stock Market News
Pre-Open: Nifty’s Opening Ahead of Fed’s Policy Outcome & Mixed Asian Cues
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading flat at 8:55 am on Wednesday, indicating a muted opening on Dalal Street. 

Further, the Dow Jones Futures gained 0.34% and Nasdaq 100 Futures jumped 1.35%.

Major indices on Wall Street dived on Tuesday, following concerns about significantly weak consumer data and the retail major Walmart’s downgrading its forecast for the complete year, led by surging food and fuel prices and to pare inventories. Consequently, other retail stocks tanked too.

Further, economic data on US consumer confidence health plunged to a 1.5-year low in July amid red-hot inflation and constant worries of aggressive monetary tightening by the central bank.

Investors await the Fed’s two-day meeting results on Wednesday, expecting a 0.75 bps rate hike.

Nasdaq Composite plunged 1.85%, Dow Jones fell 0.7% and S&P 500 dived 1.15%. 

Stocks across Asian markets traded mixed on Wednesday as all eyes remain fixed on US Fed’s monetary meet decisions due today and Australia’s inflation report.

At 8:48 am, South Korea’s KOSPI dipped 0.56%, Japan’s Nikkei climbed 0.15%, Hong Kong’s Hang Seng index plunged 1.5%, while China’s Shanghai Composite and Australia's ASX 200 traded flat.

Oil climbed in early trade post data on a higher-than-expected decline in US crude stockpiles. Brent crude traded under $100/barrel and WTI Futures climbed 0.25%. Natural gas Futures climbed 0.7%.

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