Morning Comments
Indian markets could open mildly higher, in line with positive Asian markets today and sharply higher US markets on Tuesday.…
U.S. stocks finished sharply higher on Tuesday as anxiety about the banking sector receded after U.S. Treasury Secretary Janet Yellen’s reassurances on containing the banking crisis buoyed market sentiment.
All three major stock indexes booked back-to-back gains ahead of Wednesday’s Federal Reserve interest-rate decision. There’s an 83% chance of a 25-basis-point increase to the federal-funds rate when the Fed wraps its two-day policy meeting on Wednesday, according to CME Group’s FedWatch Tool.
Reports that the U.S. Treasury is considering boosting the guarantees on bank deposits was also helping the mood.
Asian shares displayed a cautious bounce on Wednesday with hopes a global banking crisis would be avoided vying with uncertainty over the outlook for U.S. interest rates as the Federal Reserve holds a high-stakes meeting on policy on Wednesday.
Nifty rose for 3rd day out of the past four sessions on March 21 aided by overnight gains in the US markets. At close, Nifty was up 0.70% or 119.1 points at 17107.5. Nifty followed up on the upside post the hammer formed on the previous day. A move about 17146 could take the Nifty to 17255 in the near term. On falls 16985 could offer support.
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