Nifty Futures Rise Ahead of Fed Meeting; Nifty Futures Rise Ahead of Fed Meeting & Sliding Oil Prices

  • March 16, 2022, 12:30 p.m. -- The Nifty 50 futures listed on the Singapore-based Exchange SGX, an early indicator for the Nifty50, were trading 1.4% higher at 8:38 am on Wednesday, indicating Dalal Street to have a gap-up opening, tracking strong global cues.

At the same time, the Dow Jones Futures were trading 0.23% lower. Major indices on Wall Street ended sharply higher on Tuesday, a day ahead of the US Fed’s meeting, as inflation woes receded and oil prices tumbled almost 7%. Besides, the U.S. producer prices for February, though increased, came in line with the expected figures. The Fed is expected to raise interest rates by at least 25 basis points, while oil slid to its three-week low, as Russia suggested reviving the Iran nuclear deal amid worries that the surging COVID-19 cases in China would hamper demand.

Oil prices settled below the $100/barrel mark yesterday, after flying to almost $140/barrel last week. The Nasdaq Composite surged 2.92%, the S&P 500 climbed 2.14%, and the Dow Jones ended 1.82% higher on Tuesday. Stocks across the Asian markets opened higher on Wednesday, tracking an overnight rally on Wall Street and assessing the rising COVID-19 cases in China, while keenly watching the Fed’s decision at the monetary meeting ahead. At 8:35 am, Japan’s Nikkei 225 surged 1.73%, South Korea’s KOSPI climbed 0.75%, and MSCI’s broadest index of Asia-Pacific shares outside Japan tanked 2.72%.

Hong Kong’s Hang Seng index gained 1.43%, and China’s Shanghai Composite dropped 0.9%. Nifty’s Opening Ahead of Fed’s Meeting & Sliding Oil Prices; SGX Nifty Futures Rise Fed Chair Jerome Powell has said he favors increasing the benchmark interest rate by 0.25 percentage points from zero, where it has been since March 2020.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

Related News