MARKET LIVE: Tepid start likely for markets ahead US Fed’s rate decision

are likely to open on a negative note amid grim global cues ahead of the US Federal Reserve’s interest rate decision. As of 7:45 AM, the SGX

Futures quoted at 16,475 levels, indicating a downside of 8 odd-points on the Nifty50.

Globally, the US markets saw a sharp fall due to sluggish corporate earnings and rate hike fears. Dow Jones slipped 0.7 per cent, while the S&P 500 fell 1.1 per cent, and NASDAQ Composite dropped 1.8 per cent.

Major markets in Asia-Pacific imitated the negative global sentiments and edged lower on Wednesday morning. Japan’s Nikkei 225 declined 0.1 per cent and Hang Seng index dropped 1 per cent.Meanwhile, prices of crude oil fell due to demand fears. Brent Crude hovered around $104 per barrel, whereas, WTI Crude was at $94 per barrel.

Back home, telecom stocks will be in focus after the government received Rs 1.45 lakh crore bids on Day 1 of 5G spectrum auction. That apart, auto majors Maruti Suzuki (India) and Tata Motors are slated to report their June quarter results (Q1FY23) on Wednesday, July 27.

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