16 Mar , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity indices opened in green. BSE Sensex was up 850 points while Nifty 50 was above 16,900 level or up nearly 240 points Wednesday. Nifty Bank was up 1.80% at 35,650 level, Nifty FMCG was up 0.48% at 35,822, and Nifty IT was up 1.34% at 35, 569. Other sectoral indices such as Nifty Auto and Nifty Realty was up 1.7% and 1.4% respectively. On BSE Sensex, Housing Development Finance Corporation, Axis Bank, Indusind Bank, Bajaj Finserv, and Bajaj Finance were the stocks among the top gainers. While Sun Pharma was among the loser on the benchmark index. India VIX was down 5.6% at 25.23 levels.
Chances of Nifty 50 to close above 16,960 today looks low: Geojit
“Yesterday’s hammering eased off on approach to our downside marker of 16480, setting up yet another showdown with the 16960 region, which we had pipped to force a turn lower yesterday as well,” Anand James, Chief Market Strategist at Geojit Financial Services said.
“The swift pull back from yesterday’s lows is consistent with the short term view of 17300-18000, but the chances of a close above 16960 today looks low though. And even in the event of a break, a directional up move may have to wait. Expect 16700s to be a sticky region,” he added.
Markets eye Fed meeting amid high volatility, flat yield curve
Markets are expecting a quarter point increase in Wednesday's Fed policy meeting, according to CME Group’s FedWatch tool, making it the first time since 2018 that the US Fed will hike rates.
“The US Fed could raise rates four to seven times in the next year or two to curb economic growth depending on the evolving situation. The US Fed has never raised rates with the yield curve this flat and volatility so high,” Deepak Jasani, Head of Retail Research at HDFC Securities said.
Globally markets have been expecting the US Fed to raise rates and hence this is partly discounted, although if the rate hikes are faster and sooner than expected or its indication is available in its statements, the global markets could react negatively, he added.
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