Today’s Market News :
– Indian Market: The Nifty 50 index is currently trading at 25,423.50, up 0.2% from the previous day’s close. The top gainers are Hindalco Industries, Tata Steel, and JSW Steel, while the top losers are Dr. Reddy’s Laboratories, Cipla, and Sun Pharmaceutical Industries.
* Sensex and Nifty were largely flat by noon on September 16 after briefly touching record highs soon after the opening bell.
* Investors are closely watching the upcoming Federal Reserve’s September 17-18 FOMC meeting, where many expect the first interest rate cut since 2020.
* Globally equity markets will be focused on the Fed rate action on Wednesday (September 18) which is likely to influence the stock market trend in the near term.
The Nifty traded in a 110-point range on Monday and closed over 60 points off the highs of the day.
Nifty has been hovering near the 25,400 zone and the next target for the index is at 25,800 which the index can scale in the near-term. Support on the downside is seen at levels of 25,200.
Support on the downside is seen between 25,150 – 25,200 levels, while resistance is seen between 25,460 25,500. A breakout from the range may indicate a directional move.
– Global Market: The Dow Jones Industrial Average is trading at 34,682.82, up 0.1% from the previous day’s close. The top gainers are Apple, Microsoft, and Johnson & Johnson, while the top losers are 3M, Visa, and McDonald’s.
– Commodity Market: Gold prices are trading at $1,950.50 per ounce, up 0.2% from the previous day’s close. Crude oil prices are trading at $73.21 per barrel, up 0.3% from the previous day’s close.
Special Insights on Indices
– Index Rebalancing: The Nifty 50 index will undergo rebalancing on September 28, with changes in weights and constituents.
– Sector Rotation: The Nifty IT index is showing signs of outperformance, with a 5% gain in the last week.
– Index ETFs: Nifty 50 ETFs have seen an inflow of $100 million in the last quarter, indicating increased investor interest.
Key Indices to Watch
– Nifty 50: 25,423.50 (up 0.2%)
– Sensex: 82,988.78 (up 0.12%)
– Dow Jones: 34,682.82 (up 0.1%)
– S&P 500: 4,355.47 (up 0.2%)
– Nasdaq: 14,360.91 (up 0.3%)
Index Trends
– Uptrend: Nifty IT, Nifty Pharma
– Downtrend: Nifty Realty, Nifty Infrastructure
– Range-bound: Nifty Bank, Nifty Auto
