NS Indian market in front of US Fed The meeting is expected to open on a flat note. The Fed will issue a policy statement with economic and interest rate forecasts at the end of its two-day meeting on Wednesday afternoon. The central bank is widely expected to signal that it is getting ready to announce that it will begin to refund its $120 billion in monthly purchases of treasuries and mortgage-backed securities.
At 0706 hrs IST, Nifty futures were trading 18.5 points or 0.11 per cent lower at 17,543 on the Singapore Exchange, indicating that Dalal Street was headed for a negative start on Wednesday. US stock markets ended near flat on Tuesday with troubles in developer China Evergrande and caution ahead of Wednesday’s Federal Reserve policy. The Dow Jones Industrial Average fell 50.63 points, or 0.15 per cent, to 33,919.84, the S&P 500 index was down 3.54 points, or 0.08 per cent, at 4,354.19 and the Nasdaq Composite rose 32.50 points, or 0.22 per cent, to 14,746.40. However, Asian markets were behaving like Wall Street which was in cautious mode before the meeting, Asian stock markets opened cautiously, Japan’s Nikkei fell 0.5 per cent. Equity, bond and money markets in China opened for the first time on Wednesday as concerns over the plight of Evergrande sparked a wave of selling and contagion concerns around the world. FTSE China futures traded in Singapore are down nearly 2 per cent from Friday’s close.
Binod Modi, Head Strategy, Reliance Securities, said: “US stocks were mixed yesterday with the Dow and the S&P 500 hitting losses for the fourth consecutive day as investors were wary of the Fed meeting outcome and possible repercussions from the Evergrande default.”
“Notably, the month of September has been quite volatile as expected and concerns regarding the rising delta version of the coronavirus and the consequent impact on the economy and possible fall in corporate earnings may continue in the coming weeks as well. It clearly appears that the Goldilocks period of global equities is now over, with global equities seeing a secular trend for over a year now. Furthermore, concerns regarding Evergrande and the contagion effects of the same are likely to remain as an overhang for the global markets in the near future. Notably, all eyes are on the outcome of the FOMC meeting today.
However, in equity indices on Tuesday, the BSE 30-share Sensex ended 514.34 points or 0.88 per cent higher at 59,005.27 in afternoon trade. Similarly, the broader NSE Nifty rose 165.10 points or 0.95 per cent to 17,562.
Here are some stocks that will be in focus today:
MTAR Technologies: The company achieved 100% of its EOUs and NADCAP certification for Unit 5 in Telangana for 12 months till November 2022.
Infosys: IT services major Infosys NSE 1.81 per cent on Tuesday announced its collaboration with digital workflow company Service Now to provide enterprise-level service management for customers across manufacturing industries.
EDGE POWER: The company entered into a share purchase agreement to acquire 100% stake in Surya Vidyut at an enterprise value of Rs 790 crore.
Nucleus Software: The board of the company will consider buyback of shares on Friday this week.
KEC International: The company has received fresh orders worth Rs 1,157 crore across its various businesses.
Surya Roshni: The company has received an order of Rs 41.22 crore from Greater Noida Industrial Development Authority (GNIOA) for implementation of smart LED street lights and installation of a centralized monitoring system with operation and maintenance.
Vikas Lifecare: The company announced that its agricultural products division has received the largest single export order ever, amounting to $1 million.
Shriram City Union Finance: The company announced that Acacia II Partners LP and others sold 3 lakh equity shares in the company through open market transaction, down from 3.46 per cent earlier to 3.01 per cent.
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