Markets slip in red; Nifty trades below 9600 ahead of Fed outcome
Were traded Wednesday benchmarks take the lead in the mixed trend in Asian markets after Wall Street has set another record before the results of the United States Federal Reserve.
At 11:34, the S & P BSE Sensex traded at 31,056, down 47 points, while the larger Nifty50 was at 9581, up 25 points.
In the broader market, S & P EEB Midcap and EEB Smallcap S & P lost 0.5% and 0.2%, respectively.
“We reiterate that it is recommended to reserve profits after Nifty approaches the resistance zone from 9 700 to 9 720. For today’s session, 9580 would be considered a strong level of support for the immediate index,” said Angel Broking in A technical note
Sectors and values
The Nifty metal index (1%) shows the most, led by losses in Jindal Steel, Hindalco and Vedanta that allowed them to surpass 2% in the NSE.
Wipro was the loser at the top Sensex and Nifty and slipped about 2% to Rs 254.50 after the third largest software services company has invested $ 809 690 (about Rs 5.12 crore) Drivestream manager and IT consultancy.
Among the winners, Dr. Reddy gained more than 2% at Rs 2682 after the company received the FDA inspection inspection report (EIR) for its active pharmaceutical factory (API) to indicate Miryalaguda’s successful closure of the Audit of the agency. The action was the top winner Sensex.
RBI identifies 12 Mega defaulters
The Reserve Bank of India (RBI) said on Tuesday that its Internal Advisory Committee (IAC) has identified 12 accounts covering approximately 25% of the non-productive assets of the banking system for immediate resolution under the Insolvency Code Of bankruptcy.
The gross bad debt of India’s banking system in March was Rs 7.11 Rs, which means that 12 accounts would be responsible for around Rs 1.78 lakh rupees.
The central bank did not name the borrowers.
Fed meeting expects results
The Federal Reserve is expected to announce its monetary policy decision later today at the end of a two-day meeting. Fed may also provide more clues as to how it plans to reduce its holding of more than $ 4 trillion in Treasury mortgage-backed securities and bonds.
Economists polled by Reuters massively watched the central bank of the United States to raise its benchmark rate to a target range of 1% to 1.25% this week, although expectations of further rate hikes are collapsing.
Futures contracts of federal funds paid on impose a future rate increase of more than 90%.
The world markets
Asian stock markets were transformed as investors awaited clarity about the Fed’s future path of US policy. After a hike in likely rates at the end of the day.
China’s economic data showed that retail sales and industrial output exceeded forecasts in May, but a concern in urban investment strengthened, the second world economy will soon begin to lose momentum as borrowing costs rise and the housing market Cools
The market reaction was lukewarm, shares in Shanghai is 0.5% and South Korea 0.2%.
The move was also elsewhere careful with the broader index of Asian non-Japanese MSCI shares in a fraction and Nikkei advance of Japan 0.1%.
Wall Street had been in a more confident mood during the beginning of the peak close to night record for all major indices. The Dow rose 0.44%, while the S & P 500 gained 0.45% and Nasdaq 0.73%.