Sensex Today | Stock Market LIVE Updates: The Nifty 50 index has been finding resistance at the 23,280 – 23,300 zone so that will be an important level to watch. On the downside, Tuesday’s close and Wednesday’s low of around 23,100 will remain the key.
The US Federal Reserve hiked interest rates for the first time in three years. Wall Street sold off as a result; the US Dollar Strengthened, while yields rose as well.
That has completely masked the fall in oil prices, which are still above the $ 100-a-barrel mark but cooling off from elevated levels. That brings us to the question: can the Nifty sustain Wednesday’s bounce? The Fed’s move will now put the RBI’s October policy in focus.
More importantly, will the rupee continue to weaken further as a result of the strength in the USD? The index has been finding resistance at the 23,280 – 23,300 zone so that will be an important level to watch. On the downside, Tuesday’s close and Wednesday’s low of around 23,100 will remain the key.
The Nifty Bank needs to sustain above the 56,000 mark as well or yesterday’s low of 55,812 will come into play yet again. Primary market activity, though, remains robust with the mega NSE IPO opening for subscription today.
Watch this space for all the LIVE stock market updates.