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Weak opening on the cards

Capital Market 

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 72 points at the opening bell.

Global markets:

Overseas, the Bank of Japan and the Bank of England will announce their respective policy decisions on Thursday.

Asian stocks mostly traded lower Thursday as investors react to overnight developments from the U.S. Federal Reserve.

In US, the S&P 500 and Nasdaq Composite ended lower on Wednesday, reversing gains late in the day as losses in technology shares outweighed a Federal Reserve statement that stoked optimism it would keep U.S. interest rates near zero for a prolonged period. The Dow Jones Industrial Average eked out a small gain.

The Dow Jones Industrial Average rose 36.78 points, or 0.13%, to 28,032.38, the S&P 500 lost 15.71 points, or 0.46%, to 3,385.49 and the Nasdaq Composite dropped 139.86 points, or 1.25%, to 11,050.47.

The Federal Reserve on Wednesday vowed to keep interest rates near zero until inflation is on track to overshoot the U.S. central bank's 2% target. The new economic projections showed policymakers now see the economy shrinking 3.7% this year, far less than the 6.5% decline they forecast in June. They see unemployment, which registered 8.4% in August, dropping to 7.6% by the end of the year. The recovery is here, and it's well along, Powell said.

Domestic markets:

Back home, domestic equity indices extended gains for second straight day on Wednesday. The barometer index, the S&P BSE Sensex added 258.50 points or 0.66% at 39,302.85. The Nifty 50 index gained 82.75 points or 0.72% at 11,604.55.

Foreign portfolio investors (FPIs) bought shares worth Rs 264.66 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 212.21 crore in the Indian equity market on 16 September, provisional data showed.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 17 2020. 08:17 IST
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