A morning walk down Dalal Street | Nifty likely to consolidate, may stretch towards 10929, 10950
Episode 1694, Sep 19, 2019, 01:30 AM
The final tally on D-Street – the S&P BSE Sensex rose 82 points to 36,563 while the Nifty50 closed 23 points higher at 10,840.
Most experts feel that the US Fed will cut rates by 25 bps but more than the rate cut future commentary is something which will be in focus. Amid slowing global economic growth, analysts feel that there is a possibility of a 50 bps cut from the Fed in 2019.
Some good news: India VIX cooled off from highs, down more than 5%.
The impact of boiling crude oil prices was felt on common man as well. Petrol and diesel prices witnessed the biggest hike since July 5. Petrol prices rose 25 paise per litre to Rs 72.42 and diesel by 24 paise to Rs 65.82 per litre in the national capital.
Crude oil remained stable around $64/bbl on Wednesday.
The big news came from the cabinet. The government took a decision to ban E-cigarettes which led to over 1% rise in ITC, Godfrey Phillips saw a rally of nearly 6%, and VST Industries closed 3% higher.
Snapping its two-day falling streak, the rupee rebounded 54 paise to finish at 71.24 against the US dollar on Wednesday as sliding crude oil prices eased pressure off emerging market currencies
On the institutional front, FPIs were net sellers in Indian markets for Rs 959 cr, while the DIIs were net buyers to the tune of Rs 780 cr, provisional data showed.