After the US market ended with a loss yesterday, US futures traded higher today, but the move back to the red zone also gave Asian markets a sluggish start. The European Central Bank’s decisions today have given European futures a losing start. The SGX Nifty is trading near 16300 points.
ECB Policy
Crude oil prices and inflation concerns, which soared to $ 124, gave the US market a negative closing. Only the energy sector gained yesterday as the S&P closed with a loss of 1.08%.
Concerns about US inflation coming out tomorrow with uncontrolled rising crude, next week’s Fed meeting and today’s US job data will control the course of world markets today. The forthcoming policy announcements of the European Central Bank today are also very important for the world market.
Nifty
The Indian stock market, which started the day on a positive note, fell ahead of the RBI’s policy announcement, but recovered after the policy announcement. Similarly, the wide-based National Stock Exchange index Nifty closed at 16,356 points after gaining 16514 points yesterday. Today, the Nifty resistance is at 16500 points and 16600 points.
The banking, finance, crude oil, pharma and auto sectors are likely to gain ground today. Reliance, HDFC Bank, HDFC Limited, ICICI Bank, Kotak Mahindra, Cholamandalam Finance, Havells, Godrej CP, Hindcopper, Muthoot Finance, Tata Motors, GNFC, Obroy, Mutual, Wipro, Mutual, Wipro, etc.
Bank Nifty
After gaining 35449 points yesterday, the Bank Nifty closed at 34946 points and today expects support at 34700 points and 34450 points. Bank Nifty’s resistance today is at 35300 points and 35600 points.
RBI rates
The Reserve Bank of India (RBI) raised the repo rate by 50 basis points to 4.90% yesterday. The Reserve Bank of India (RBI) has pegged India’s inflation at 6.7 per cent for the current fiscal 2023 and expects India’s GDP to remain at 7.2 per cent. The RBI’s next policy review meeting is in August.
Crude oil
Brent crude hit $ 124 a barrel last week, despite reports that US crude oil demand was rising and Norwegian oil workers going on strike next week, despite a gross increase of more than 2 million barrels in U.S. crude oil reserves last week. The U.S. president’s trip to Saudi Arabia could be a failure, sending crude oil to $ 135. Crude oil prices will now determine the course of the stock market.
Gold
Bond yields remained flat at 3% and the rise in crude oil prices added to the volatility in the stock market. Gold rose again to $ 1850 and is expected to support $ 1830.
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