Ahead of Market: 10 things that will decide D-Street action on Wednesday
Here's how analysts the market pulse:
«The Nifty faced profit booking around 24,200, leading to a close 100 points off the high. The sentiment is likely to favor selling on rallies until it moves above 24,250. On the lower end, 24,000 is likely to act as immediate support for the Nifty. A fall below 24,000 might trigger a correction towards 23,850/23,700,» said Rupak De, Senior Technical Analyst, LKP Securities.
«The investors are closely monitoring the progress of the monsoon, the forthcoming Union budget, alongside the US election, which can have potential global economic implications. Recent spikes in US Treasury yields and a gradual rise in crude oil prices are affecting market trends,» said Vinod Nair, Head of Research, Geojit Financial Services.
That said, here’s a look at what some key indicators are suggesting for Tuesday's action:
US market
Wall Street indexes traded lower on Tuesday after Federal Reserve Chairman Jerome Powell said more evidence was needed before cutting interest rates, while gains in Tesla shares kept losses in check.
Stocks also pared initial losses as Fed Chair Powell told a panel that recent economic data represented «significant progress,» though noting the central bank needed to see more before changing policy.
At 10:11 a.m. ET, the Dow Jones Industrial Average was down 38.01 points, or 0.10%, at 39,131.51, the S&P 500 was down 7.23 points, or 0.13%, at 5,467.86, and the Nasdaq Composite was down 19.51 points, or 0.11%, at 17,859.79.
European shares
European stocks fell
