Hot Stocks | LIC Housing, Escorts two buy calls for short term
In the previous week, the benchmark index had formed a bullish hammer candlestick pattern near its upward rising trendline support which is likely to act as an initial anchor point for the index.
Oil Prices: Oil prices jumped more than 4 percent following a drawdown in US crude and gasoline inventories and as Hurricane Sally forced a swath of US offshore production to shut. Brent crude settled at $42.22 a barrel, up $1.69, or 4.2 percent. US crude finished $1.88, or 4.9 percent.at $40.16 a barrel.
Fed touts economic recovery, vows to keep interest rates low: The Federal Reserve on Wednesday vowed to keep interest rates near zero until inflation is on track to overshoot the U.S. central bank’s 2% target, a bold new promise aimed at bringing millions of out-of-work Americans back to the labor market.
The new economic projections showed policymakers now see the economy shrinking 3.7% this year, far less than the 6.5% decline they forecast in June. They see unemployment, which registered 8.4% in August, dropping to 7.6% by the end of the year.
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Trends on SGX Nifty indicate a negative opening for the index in India with a 81 points loss.
SGX Nifty: Trends on SGX Nifty indicate a negative opening for the index in India with a 81 points loss. The Nifty futures were trading at 11,522 on the Singaporean Exchange.
Asian markets: Asian shares were set to drift lower on Thursday as concerns about the strength of the recovery from the COVID-19 pandemic remained, even after the U.S. Federal Reserve pledged to hold interest rates near zero until at least 2023.
Australian S&P/ASX 200 futures lost 0.22% in early trading. Japan’s Nikkei 225 futures were flat, while Hong Kong’s Hang Seng index futures lost 0.15%.
US Markets: The S&P 500 ended lower on Wednesday, reversing gains late in the day as losses in technology shares outweighed a Federal Reserve statement that stoked optimism it would keep U.S. interest rates near zero for a prolonged period.
The Dow Jones Industrial Average rose 36.78 points, or 0.13%, to 28,032.38, the S&P 500 lost 15.71 points, or 0.46%, to 3,385.49 and the Nasdaq Composite dropped 139.86 points, or 1.25%, to 11,050.47.
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