Indian equity markets are likely to open lower on Thursday, tracking negative cues across Asian markets. The SGX Nifty, which was trading with losses of 41 points at 9,601, indicated that domestic bourses may open lower at the opening bell.Nifty50 index has immediate support placed around the level of 9,580, and if it holds below this level, further corrections up to the level of 9,550 is likely. On the upside, Nifty50 needs to sustain above the level to witness up-move towards the levels of 9,700-9,740.
Back home, Indian markets ended with modest gains after a volatile session on Wednesday, led by gains in banking and realty stocks. Index heavyweight Reliance Industries gained about 3% after the data released by TRAI showed strong April subscriber addition, although broader market sentiment was muted ahead of the U.S Federal Reserve meeting.
The US stocks closed mixed on Wednesday after Fed hiked rates. The Dow Jones Industrial Average closed up 46 points at a record 21,375. The S&P 500 declined 2 points to finish at 2,438. The Nasdaq Composite Index slipped 25 points to close at 6,195. The US Federal Reserve hiked the Fed rate by 25 basis points along expected lines. The enhanced rate now stands in the range of 1-1.25%. Fed has also guided on one more rate hike this year.
Most Asian stocks have declined in early trade on Thursday. Japan’s Nikkei 225 has been trading with loss of 105 points; Hong Kong’s Hang Seng has lost 239 points, while China’s Shanghai Composite has shed 8 points
