Market is expected to open on a flattish note and likely to witness sideways move during the day - Nirmal Bang Ltd
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Market Review
US: The US stock market ended lower on Tuesday as the twoday monetary meeting of the US Federal Reserve convened, with the interest rate decision to be announced on Wednesday.
Asia: Asian markets traded lower following overnight fall on Wall Street and as investors await the US Federal Reserve’s interest rate decision. China kept its benchmark loan rates unchanged for September.
India: The domestic benchmark equity indices ended lower on Monday amid weak global cues, ahead of key central bank meetings while concerns over global economic growth persisted. Market is expected to open on a flattish note and likely to witness sideways move during the day
Global Economy: U.S. homebuilding plunged to a more than three-year low in August as a resurgence in mortgage rates weighed on demand for housing, but a jump in permits suggested new construction remained supported by a dearth of homes on the market.The homebuilders' confidence slumped to a five-month low in September, with more builders reporting they were cutting prices and offering other incentives to lure buyers. Home building, together with new home sales, have been the bright spots for the housing market, the sector hardest hit by the Federal Reserve's aggressive monetary policy tightening. The U.S. central bank is expected to leave interest rates unchanged, having raised its policy rate by 525 bps since March 2022 to the current 5.25%-5.50% range. Argentina's economy shrank 4.9% in the second-quarter of 2023 versus the year-ago period. The result marks the first time the country's growth was in the red since 2020.The agricultural sector registered the highest drop, with a 40.2% decrease compared to the same period the previous year
Commodities: Gold prices fell on Wednesday after hitting a twoweek highs in the last session, as traders await the U.S. Federal Reserve's policy decision for an updated outlook on the economy and monetary tightening path. Oil prices rose in early trade on Wednesday, hovering near 10- month highs hit the previous day, as a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output reinforced fears of tight crude supply for the rest of 2023.
Currency: The dollar remained firm on Wednesday but softened slightly against the yen ahead of a much-anticipated rate decision by the Federal Reserve later in the day.
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