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The two key equity benchmarks, Sensex and Nifty, on Wednesday recouped losses and rebounded sharply in the second half of the session. The BSE Sensex closed 173 points higher at 66,119. On the other hand, the Nifty50 reclaimed 19,700-mark to shut shop at 19,716, up 52 points. Both indices hit intraday lows of 65,550 and 19,554, respectively. On the 30-share Sensex platform, L&T, ITC, Sun Pharma, Maruti Suzuki, Reliance Industries, Axis Bank lifted the benchmarks, rising up to 1.7 per cent. On the downside, Titan, SBI, HDFC Bank, ICICI Bank, Tata Steel, Nestle were among the losers.
Wall Street’s main indexes dropped on Tuesday as investors continued to grapple with the prospects of a prolonged restrictive monetary policy by the Federal Reserve and its subsequent impact on the economy.
Asian markets including Seoul, Tokyo, Shanghai, and Hong Kong ended trading in green. European markets closed in red on concerns over interest rate decisions from central banks in the UK and Switzerland among others. Global oil benchmark Brent crude climbed 0.98 per cent to $94.88 per barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 693.47 crore on Tuesday, according to exchange data.
The rupee made a recovery on Wednesday and closed 6 paise higher at 83.22 against the US dollar over it’s previous close, amid positive signals from the domestic equity markets. The domestic unit opened trading at 83.23 and traded in a range of 83.18 to 83.24 to settle at 83.22 (provisional) against the greenback. It closed at 83.28 against the American dollar on Tuesday. Forex traders noted that selling pressure from foreign equity investors and increased crude prices coupled with the strength of the American currency impacted the domestic unit.
Here are some important factors that can impact the market on September 28.
Globally, markets will keenly observe the final economic growth data from the US for the second quarter of the calendar year set to be released on September 28, followed by a speech from Fed Chair Jerome Powell on September 29. The US is scheduled to reveal real consumer spending and PCE prices for the second quarter of the calendar year 2023 on September 28. Further, initial jobless claims for the week ended September 23 and pending home sales for August will be announced by the US on Thursday. The European Central Bank will hold it’s general council meeting on September 28. The EU will announce it’s consumer confidence final and economic, industrial, and services sentiment for September on September 28. China will be releasing it’s current account numbers for the second quarter of the calendar year 2023 on Thursday. Japan is expected to come out with it’s retail sales, housing starts, and construction orders for August on September 29. The UK will release it’s GDP numbers for the June quarter of 2023 and it’s current account data on September 29. Domestically, India is set to announce it’s current account and external debt numbers for the second quarter towards the end of the week. Additionally, infrastructure output data for August is scheduled to be announced on September 29.