Indian stock markets are projected to open flat with a bullish tilt today, after a favorable handover from US markets ahead of the Fed meeting. On Tuesday, the Dow Jones, S&P 500, and Nasdaq all finished a percentage point higher. The SGX Nifty is up 20 points at 6:50 a.m., indicating a bullish start for the Nifty today.
India’s Sensex and Nifty indexes both ended Tuesday with big gains, thanks to people buying big stocks like Reliance Industries and Bajaj Finance.The Sensex closed 445 points higher at 58,074, while the Nifty gained 119 points to 17,107.50. “The Nifty had a gap-up opening on March 21st, following global cues and carrying over the momentum from the previous day. “The index traded in a subdued optimistic tone throughout the day, and it extended its rise in the last hour of trading, closing at 17,107.50 levels with a 0.70% gain,” said Rohan Patil of SAMCO Securities.
Today’s key levels for Nifty are 16,950 on the downside and 17,200–17,250 on the upside. Nifty Bank today, if it maintains over 39,500, might be a significant boost for traders, according to market analysts.
Monday was the ninth day in a row that foreign institutional investors were net sellers in the Indian markets. They sold a total of Rs 1,454 crore in cash markets, according to early data from exchanges.According to exchange statistics, FIIs sold Rs 13,000 crore in the cash market in the past seven days. Domestic institutional investors, on the other hand, continued to be net purchasers of Indian shares worth Rs 1,946 crore, according to preliminary statistics.
The US Federal Reserve will announce its policy decision later this evening. Analysts anticipate that the markets will be turbulent ahead of the major event and warn investors to stay cautious. “We advise investors to remain cautious, as markets are likely to remain volatile ahead of Fed’s meeting outcome on Wednesday late evening. US Fed’s commentary amidst the ongoing financial crisis would be of key importance and can provide some direction to the markets,” said Siddhartha Khemka of Motilal Oswal Financial Services.