Nifty last close: 25377.55 (-0.16%)
Indian benchmarks climbed to fresh record high but failed to hold on the gains on September 18
Sensex was down 131.43 points or 0.16 percent at 82,948.23
Nifty was down 41.00 points or 0.16 percent at 25,377.50
Except bank, all other sectoral indices ended in the red with IT index shedding more than 3 percent
while auto, pharma, metal, oil & gas indices were down 0.5-1 percent
midcap index shed 0.7 percent and smallcap index was down 0.5 percent
US markets ended marginally down on Sept 18
Fed cuts interest rates by 50 bps for first time since 2020
Fed sees 2 more 25 basis point rate cuts in 2024
One Fed governor dissented for the first time since 2005 in favor of a 25 bps rate cut
Fed gained “greater confidence” that inflation is moving to 2%
Fed will “carefully asses incoming data” and evolve outlook
Fed sees 100 bps of rate cuts in 2025 and 50 bps of cuts in 2026
Fed believes that the economy is “strong overall”
Fed has “growing confidence” that strength in labor market can be maintained
Consumer spending has “remained resilient”
Inflation has eased but “remains above 2% target”
Labor market is now less tight than before pandemic
Fed is moving to a “neutral stance” but “not on any preset course”
Dow lost 0.25%, Nasdaq slipped to 0.31%, S&P500 lost 0.29%
As of now, Dow future were set to higher like 250+
Asian markets were set to higher opening
Nikkei up 2.5% and Hangseng up 1.22%
GiftNifty indicates a positive opening for the index
Nifty is facing a intraday resistance 25400 and 25440
If stays above 25440 will try to move 25500
On other side, Nifty considering a supports around 25350 and 25310
Below 25310 finding a next support around 25240
Updated: 09.03 am / 19th Sept 2024
