IANS | 20 Mar, 2024
Siddhartha Khemka, Head Retail Research, Motilal Oswal Financial
Services on Wednesday said that the markets are expected to remain in
consolidation mode and will keenly track the US Fed commentary which
would provide direction on its future rate action.
He said that Nifty traded in a range and closed with marginal gains of 22 points at 21839 levels.
“The
broader market ended flat, while sector-wise it was a mixed bag. Oil
& Gas, Realty, and FMCG were major gainers. Oil & Gas index rose
to 1.3 per cent as crude oil price surged to a 5-month high at
$87/bbl,” he said.
On the global front, England’s inflation
cooled to 3.4 per cent for February, a day ahead of its central bank’s
monetary policy meeting. Also, China’s central banks kept their
benchmark lending rates unchanged.
Deepak Jasani, Head of Retail
Research, HDFC Securities said investors awaited the conclusion of the
Federal Reserve's meeting tonight where the central bank is expected to
keep borrowing costs unchanged and provide cues on its monetary policy
trajectory.
“Asian shares closed mostly higher while European
markets opened lower Wednesday as investors awaited the latest signals
from the Federal Reserve,” he said.
