On Wednesday, September 24, equity benchmark indices Sensex and Nifty 50 are expected to open lower following losses in global markets. At 7:14 AM, the GIFT Nifty was trading near 25,192, down by 51 points.
US Federal Reserve Chair Jerome Powell said the central bank needed to continue balancing the competing risks of high inflation and a weakening job market in its coming interest rate decisions. “Near-term risks to inflation are tilted to the upside and risks to employment to the downside - a challenging situation,” Powell said.
US President Donald Trump accused China, India, and NATO allies of indirectly funding Russia’s war in Ukraine through continued energy imports.
"China and India are the main funders of the war by continuing to buy Russian oil. I found out a week ago that even NATO nations are funding a war. Even NATO countries have not cut off Russian energy," he said while addressing the 80th session of the United Nations General Assembly in New York City.
In early deals, Asian peers traded mixed, while the US stock market declined overnight, with all three Wall Street indices snapping a three-session streak of record closing.
On Tuesday, September 23, Foreign Institutional Investors (FIIs) were net sellers. FIIs sold equities worth ₹3,551.19 crore.
Domestic Institutional Investors (DIIs) were buyers on Tuesday. DIIs bought equities worth ₹2,670.87 crore, marking their 21st consecutive session of net buying.
On Tuesday, equity benchmarks Sensex and Nifty 50 declined for the third consecutive session amid a volatile day of trade. The weakness came largely from selling pressure in FMCG stocks.
After moving between gains and losses during the session, the BSE Sensex slipped 57.87 points, or 0.07%, to settle at 82,102.10. The NSE Nifty 50 also closed lower by 32.85 points, or 0.13%, at 25,169.50.
US stocks ended lower on Tuesday, halting a three-day run of record highs, after comments from Federal Reserve Chair Jerome Powell suggested that future rate decisions would require a careful balance between persistent inflation concerns and signs of a cooling job market.
Powell noted that stock market valuations remain somewhat elevated but did not provide clear guidance on the timing of the next rate cut. The Fed had lowered rates last week for the first time this year and signaled that further reductions could follow.
The Dow Jones Industrial Average shed 88.76 points, or 0.19%, to close at 46,292.78. The S&P 500 lost 36.83 points, or 0.55%, finishing at 6,656.92, while the Nasdaq Composite fell 215.50 points, or 0.95%, to settle at 22,573.47.
Gold prices held steady near a record high as investors assessed US Fed Chair Jerome Powell’s cautious comments on interest rate cuts. As of 5:17 am IST, Spot gold is 0.1% lower at $3,762.78/oz, while on Monday, MCX gold futures climbed 1.74% to a fresh record all-time high of ₹114,179 per 10 grams.
WTI crude oil futures climbed toward $64 per barrel and Brent crude oil futures climbed toward $68 per barrel on Wednesday, extending a 1.6% gain from the previous session, after an industry report showed a drop in US crude inventories, amplifying concerns about tightening supply.
The US dollar stayed close to its lowest level in nearly a week as traders anticipate two additional interest rate cuts this year. The dollar index, tracking the currency against six key counterparts, was at 97.23.
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