US markets drag ahead of Fed rate announcement; GIFT Nifty up

Global Markets Outlook

US markets extended losses for the second day in a row as the two-day Federal Reserve meeting to announce interest rate decision went into it’s second session. The S&P 500 was flat-to-negative at 5,176.32 and the Nasdaq Composite was down 0.06 percent at 16,156.73. However, the Dow Jones Industrial Average traded flat-to-positive at 39,115.19.

Later during the day, the FOMC (Federal Open Market Committee) is expected to make important announcements regarding interest rates at 11:30 pm IST.

The GIFT Nifty was also up 0.22 percent at 21,973.00.

The European markets once again traded mixed, with the FTSE recovering previous day's losses, up 0.05 percent at 7,741.98. The DAX traded 0.02 percent higher at 17,990.74 while the CAC declined 0.61 percent to 8,150.67.

Earlier during the day, the Hang Seng overcame previous losses and moved 0.08 percent up to 16,543.07. The Nikkei index was closed on account of Vernal Equinox.

The Indian indices also moved higher after falling on Tuesday, with even midcap and small indices along with benchmarks recovering from previous losses. The Nifty ended 0.09 percent higher at 21,839.10 and the Sensex was up 0.12 percent at 72,101.69.

DIIs net purchased Rs 2,667.52 crores and the FIIs/FPIs net sold Rs 2,599.19 crores.

Crude fell after yesterday’s gains and declined 2.15 percent to 81.67. Brent fell 1.67 percent to $85.92 per barrell.