stock market Closed with slight weakness on Wednesday. In such a situation, what will happen today? Will the market bounce back or decline? Today is also the weekly expiry of Nifty. Vinod Nair, head of research at Geojit Financial Services, said the market is likely to bounce back in the coming days on the back of positive manufacturing PMI data and expectations of better fourth quarter results. Let us know which factors will influence the market today.
These 4 factors will impact the market
Asian Market: Wall Street and Asian markets were trading higher after Fed Chairman Jerome Powell confirmed his view of a possible rate cut this year. Its effects can be seen in the Indian market today. The market may open strongly.
Gift Nifty: GIFT Nifty was trading around 22,594 levels, a premium of about 52 points from the previous close of Nifty futures, indicating a positive start for Indian stock market indices.
Jerome Powell comments: US Federal Reserve Chairman Jerome Powell said the central bank will cut benchmark interest rates later this year, even though recent reports show the US economy is still strong and inflation remains elevated in the US.
oil prices: Crude oil prices rose as production cuts by major producers raised concerns about short supply. Brent futures for June rose 0.16% to $89.49 a barrel, while US West Texas Intermediate (WTI) futures for May rose 0.18% to $85.58 a barrel.
FPIs can sell in India
Market experts say that the equity market in India is being affected due to increasing returns on bonds in America. US Federal Reserve Chairman Jerome Powell may have adopted a soft stance recently, but the market has little hope of cutting rates. This will continue to put pressure on equity markets globally. FPIs in India may continue selling.
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