Stock Market Today: The Indian equity benchmarks Sensex and Nifty50 are likely to open in the red on Wednesday, as the worst day of 2023 on Wall Street sent mixed signals to Asian markets after a key PMI reading showed a rebound in US business activity.
Investors await an official quarterly reading of India’s GDP
Investors are looking forward to an official quarterly reading of India’s GDP for more information on the state of the economy and the future path of interest rates. Major central banks, including the Reserve Bank of India and the Federal Reserve, are scrambling to raise interest rates in order to control high inflation without harming economic growth.
Stock Market Today: Crude oil price
Oil extended its longest losing streak of the year ahead of the release of Federal Reserve minutes, which may provide additional clues on the path forward for monetary tightening in the US.
After falling for a fifth session on Tuesday, West Texas Intermediate crude fell towards $76 per barrel. The prospect of more aggressive Fed interest-rate hikes to combat inflation has kept prices under control, despite growing evidence of a robust recovery in China following the end of Covid Zero, according to Bloomberg.
Geopolitical factors
President Vladimir Putin said Russia will suspend its observance of the New START treaty with the United States, a blow to the previous agreement limiting their nuclear arsenals, as he vowed to press on with his stumbling invasion of Ukraine.
Russia is fighting for its “historic lands” in Ukraine and “will carry out the tasks assigned to us step by step, carefully and consistently,” Putin told lawmakers and top officials in Moscow on Tuesday. Russia will not be the first to resume nuclear testing as a result of the suspension of New START, he said, but it will do so in response to any US test.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER.
