Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 likely to open in green after Fed decision

Welcome to CNBC-TV18’s Marketbuzz Podcast. Here are all the important cues ahead of the trading session of March 21

- The US Federal Reserve has maintained its interest rate cut projections for the year in the face of upside surprises on inflation, and did not strike a more hawkish tone as some investors had feared.

-Overnight in the US, all three major indexes rose, with the Dow Jones Industrial Average and the S&P500 closing at record highs. The Dow Jones rallied a percent, S&P 500 gained 0.89% to rise above the 5,200 level for the first time. The Nasdaq Composite jumped 1.25%, powered by megacap tech stocks.

-Japan’s markets hit a fresh all-time high as Asia markets climbed after Federal Reserve maintained its forecast for three rate cuts. Japan’s Nikkei 225 surged 1.27%, hitting a new all time high, while the Topix also set a new record and rose 1.26%. Hong Kong’s Hang Seng index gained 1.5%, while the CSI 300 on the Chinese mainland inched up 0.32%.

-Indian market is likely to start the day on a positive note too tracking the global peers. However, if the domestic market will reverse days of sluggish moves as the March F&O series draws to a close remains to be seen.

-For the Nifty, many short-term indicators are pointing to a bounce. In the previous session, Sensex and Nifty had rebounded propelled by bargain hunting in Reliance Industries, ITC and SBI amid a largely firm trend in global equities. However, traders say a depreciating rupee and selling pressure in small-cap stocks restricted the gains.

-Even as the Nifty is holding 21,800, experts suggest that on the way down, Nifty should not break the low of 21,710.

-There was a large selling from foreign investors yesterday. FIIs sold 2599cr and DIIs bought 2667cr in cash yesterday.

-Oil prices have rebounded after falling in the previous session as US crude and gasoline inventory declines supported the market after signs the US Federal Reserve may keep rates higher for longer crimped the outlook for future fuel demand. Brent crude was at $86.47 a barrel.

-Stocks to watch: TVS Motor, RVNL, Crompton, Sasken Technologies, Suzlon, PB Fintech, Wockhardt, NHPC