Sensex, Nifty to open in green; TCS, SBI Cards, Tata Motors, Future Enterprises, SBI shares under the eyes
Here are the key things investors should know before the market opens today:
Wall Street up on Fed hawkish comment
In overnight trade, all three major US indices closed higher as investors digested the prospect of multiple interest rate hikes this year following hawkish comments from the US Federal Reserve. Federal Reserve Chairman Jerome Powell on Monday signaled a more aggressive tightening of monetary policy to counter rising inflation. The Dow Jones Industrial Average rose 0.74%, the S&P 500 gained 1.13% and the Nasdaq Composite ended up 1.95%.
Japan leads Asian rally
Asia-Pacific stocks opened higher today on strong signals from Wall Street and improving Covid-19 situations in China and Japan. Regional heavyweights Japan topped the winners’ chart after the government completely lifted pandemic-related emergency measures.
Japan’s benchmark Nikkei 225 index rose 2.7%, the Hang Seng index in Hong Kong rose 1.3% and South Korea’s KOSPI gained 0.8%.
In a similar trend, Singapore’s Straits Times Index gained 0.4% and Australia’s ASX 200 index rose 0.3% and Taiwan’s weighted index traded 0.9% higher. .
In mainland China, the Shenzhen Component and the Shanghai Composite rose 0.56% and 0.2% respectively.
Gasoline and diesel prices rise for second day
Petrol and diesel prices rose on Wednesday by 80 paise per liter for the second consecutive day following the continued rise in the international crude oil market. On Tuesday, oil marketing companies raised fuel prices by 80 paise after a four-month gap.
In overnight trade, global benchmark Brent crude fell amid reports that the European Union is less likely to ban Russian oil. Brent crude stood down 0.2% at $115.48 a barrel, and U.S. West Texas Intermediate (WTI) crude ended down 0.3% at $111.76 a barrel.
In Asian trading hours on Wednesday, U.S. WTI crude futures climbed 1.5% to $110.4 a barrel, while Brent oil futures rose 1.12% to $116.7 a barrel.
FIIs become net buyers, DIIs net sellers
Foreign institutional investors (FIIs) became net buyers in the Indian stock market on March 22, while domestic institutional investors (DIIs) became net sellers. According to exchange data, FIIs bought net shares worth ₹384.5 crore, while DIIs sold net shares worth ₹602 crore.