19-09-2024 09:48 AM | Source: Stoxkart
Comment on Fed rate cut by Pranay Aggarwal, CEO, Stoxkart - a deep discount stock broker
Below the Comment on Fed rate cut by Pranay Aggarwal, CEO, Stoxkart - a deep discount stock broker
The market is likely to open higher, taking cues from the global market. U.S. stock index futures rose after the Federal Reserve cut rates by a wider 50 basis points and kicked off an easing cycle that is likely to see rates fall further. Asian markets were trading higher, as traders assessed the Federal Reserve’s decision to cut interest rates by a half-percentage point. Crude oil prices fell after a larger-than-expected US Fed rate cut sparked concerns about the US economy. Brent crude futures for November declined 0.46% to $73.31 a barrel, while WTI crude futures for October fell 0.59% to $70.49 a barrel.
As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) bought shares worth net Rs.1153.69 crore and Domestic institutional investors bought shares worth net Rs.152.31 crore on 18th September 2024.
Yesterday, Indian headline indices ended in the red dragged by IT sector heavyweights Infosys and Tata Consultancy Services (TCS). Nifty scaled an all-time high of 25,482.20 before finishing the session at 25,377.55, down by 41 points or 0.16% while S&P BSE Sensex conquered a peak of 83,326.38 before settling at 82,948.23, lower by 131.43 points or 0.16%.
A report released by the Commerce Department showed a substantial rebound by new residential construction in the U.S. in the month of August. The Commerce Department said housing starts spiked by 9.6 percent to an annual rate of 1.356 million in August after plunging by 3.9 percent to a revised rate of 1.237 million in July.
The large rate cut by the Fed raised some concerns over a slowing economy. But Fed Chair Jerome Powell soothed some of these concerns, stating that he did not see a heightened risk of an economic downturn.
As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) bought shares worth net Rs.1153.69 crore and Domestic institutional investors bought shares worth net Rs.152.31 crore on 18th September 2024.
Yesterday, Indian headline indices ended in the red dragged by IT sector heavyweights Infosys and Tata Consultancy Services (TCS). Nifty scaled an all-time high of 25,482.20 before finishing the session at 25,377.55, down by 41 points or 0.16% while S&P BSE Sensex conquered a peak of 83,326.38 before settling at 82,948.23, lower by 131.43 points or 0.16%.
A report released by the Commerce Department showed a substantial rebound by new residential construction in the U.S. in the month of August. The Commerce Department said housing starts spiked by 9.6 percent to an annual rate of 1.356 million in August after plunging by 3.9 percent to a revised rate of 1.237 million in July.
The large rate cut by the Fed raised some concerns over a slowing economy. But Fed Chair Jerome Powell soothed some of these concerns, stating that he did not see a heightened risk of an economic downturn.
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