Mkts anticipate a status quo in the Fed policy
Biggest hurdle for Nifty at 19,289 mark and support is at 18,823 level
Mumbai: The domestic indices were responding to the global signals ahead of the Fed’s monetary policy decision later in the day, while the global market was also assimilating to the mixed bag of US corporate earnings reports. Markets anticipate a status quo in the Fed policy however sustenance of the high rate for a prolonged period is the issue.
Prashanth Tapse, senior V-P (research), Mehta Equities, says: “Investors continued to trade with caution and trimmed their equity exposure as markets extended fall for the second straight session amid selling in metal, power, auto and banking stocks, while gains in telecom stocks curbed losses. FIIs offloading shares in the domestic market continues to hurt sentiment, while strong US growth indicators indicate that interest rates may stay elevated going ahead.”
Investor sentiment was also primarily clouded by lingering concerns about corporate India’s Q2 earnings, which as of now is uninspiring. Technically, upside in Nifty could be seen only above the biggest hurdle at 19,289 mark, while support is placed at 18,823 mark, he said.
