Stock Market Today: SGX Nifty climbs 100 points; Asian markets off to positive start as Fed avoids major surprises

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SGX Nifty signals a gap-up start

Nifty futures on the Singapore Exchange traded 103.50 points, or 0.59 per cent, higher at 17,656.50, signaling that Dalal Street was headed for a gap-up start on Thursday.

Tech View: Nifty support seen in 17,500-17,430 range

Nifty50 on Wednesday traded rangebound and ended up forming a small bearish candle on the daily chart. Analysts said the 17,500-17,430 range is likely offer some support to the index. A sustained move above the 17,600 level is a must for the index momentum to stay positive, they said.

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Mainland China stock open higher

The Shanghai Composite Index added 0.63 percent, or 22.78 points, to 3,651.27, while the Shenzhen Composite Index on China’s second exchange gained 0.65 percent, or 15.96 points, to 2,456.02.

Hong Kong stocks rally at open

Hong Kong stocks jumped more than one percent at the start of trade Thursday morning as investors returned from a midweek break to news that troubled property giant Evergrande had agreed a plan to pay interest on one of its key bonds. The Hang Seng Index rose 1.62 percent, or 392.60 points to 24,614.14.

Fed signals bond-buying taper coming ‘soon,’ rate hike next year

he Federal Reserve said on Wednesday it will likely begin reducing its monthly bond purchases as soon as November and signaled interest rate increases may follow more quickly than expected as the US central bank’s turn from pandemic crisis policies gains momentum. The slight hawkish tilt was signaled in a new policy statement and economic projections that showed nine of 18 Fed officials ready to raise interest rates next year.

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US indices settled 1% higher

US stocks ended sharply higher on Wednesday as investors took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon. The S&P500 index rose 1 per cent, breaking a four-day losing streak. The Dow Jones Industrial Average rose 338.48 points, or 1 per cent, to 34,258.32. The blue-chip index briefly surged 520 points higher. The Nasdaq composite gained 150.45 points, or 1 per cent, to 14,896.85

FPIs sell shares worth Rs 1,943 crore

Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 1,943.26 crore, data available with NSE suggested. DIIs were buyers to the tune of Rs 1,850.02 crore, data suggests.

Rupee slumps 26 paise to nearly 4-week low

The rupee declined by 26 paise to close at a nearly four-week low of 73.87 against the US currency on Wednesday due to a stronger dollar in overseas markets ahead of the outcome of the US Fed meeting and worries over China’s Evergrande situation.

Sensex, Nifty on Wednesday

Equity benchmarks ticked lower in choppy trade on Wednesday, weighed by selling in banking and finance counters, as investors turned cautious ahead of the US Fed’s policy decision. The 30-share BSE Sensex slipped 77.94 points or 0.13 per cent to close at 58,927.33. The broader NSE Nifty declined 15.35 points or 0.09 per cent to 17,546.65.

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