Gift Nifty, Asian stocks to US Fed meeting minutes - key triggers for the Indian stock market
minutes showed that the central bank was split on pausing interest rate hikes in June and sees more rate hikes at a slower pace going ahead. At the June 13-14 meeting, the Federal Open Market Committee (FOMC)’s decision to hold interest rate after 10 consecutive increases was to buy time and assess whether further rate hikes would be needed, the minutes showed On the domestic front, the Indian equity indices ended flat on Wednesday after hitting record highs for the last four consecutive sessions. After showing high volatility at high levels, Nifty continued to show consolidation movement on Wednesday and closed the day higher by 09 points. “Global worries along with moderation in Service PMI data briefly impacted the domestic market’s rally.
Heightened trade tensions between the US and China, coupled with uncertainties surrounding the upcoming release of FOMC minutes, tested the risk appetite of global investors," said Vinod Nair, Head of Research at Geojit Financial Services. However, the market's last-minute broad based recovery serves as a reaffirmation of investors' confidence in the Indian economy, Nair added. Japan’s Nikkei 225 slumped 1% and the Topix fell 0.7%.
South Korea’s Kospi declined 0.8% while the Kosdaq dropped 1.01%. Hong Kong’s Hang Seng index futures were trading over 150 points lower at 18,956. Australia’s S&P/ASX 200 shed 0.72%.
Meanwhile, the Gift Nifty was trading 39 points, or 0.20%, lower at 19,473.00, indicating a lower start for the Indian indices. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 6th July US stocks ended lower on Wednesday on weak economic data and as investors digested minutes from the Federal Reserve’s June meeting. The S&P 500 fell 8.94
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