Gift Nifty flat, Asian markets mixed ahead of Fed policy - key global cues for Indian stock market today
US Federal Reserve interest rate decision on Wednesday. The Fed is widely expected to raise its benchmark funds rate by 25 basis points (bps) to a target range of 5.25%-5.5%, its highest level since January 2001. Meanwhile, the International Monetary Fund (IMF) raised its 2023 global growth estimates but warned that persistent challenges were dampening the medium-term outlook.
It now projected global real GDP growth of 3.0% in 2023 - up 0.2% from its April forecast. It however left its outlook for 2024 unchanged at 3.0%. For India, the IMF forecast a dip in India's GDP growth over the next two years.
It said that India's GDP growth would fall from 7.2% in FY23 to 6.1% in the current financial year, and then rise slightly to 6.3% in FY25. Read here: India's GDP growth to drop in coming months, IMF projects 6.1% growth in FY24 Japan’s Nikkei 225 fell 0.46% and the Topix declined 0.42%. South Korea’s Kospi dropped 0.52%, while the Kosdaq gained 0.62%.
Hong Kong’s Hang Seng index futures were trading around 45 points lower at 19,390. In Australia, futures for the S&P/ASX 200 opened 0.1% up Meanwhile, Gift Nifty was trading at 19,724 as compared to Nifty’s previous close of 19,680.60, indicating a higher opening for the Indian index. Also Read: Day trading guide for today: Six buy or sell stocks for Wednesday — July 26 US stock indices ended higher on Tuesday on upbeat earnings, with the blue-chip Dow Jones rising for the 13th day in a row.
The Dow Jones Industrial Average rose 26.83 points, or 0.08%, to 35,438.07, while the S&P 500 gained 12.82 points, or 0.28%, to 4,567.46. The Nasdaq Composite ended 85.69 points, or 0.61%, higher at 14,144.56. Google’s parent Alphabet Inc.
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