India Market Recap

Indian equity benchmarks are expected to open on a muted note on Thursday, following mixed global cues as investors assess the US Federal Reserve's monetary policy decision and ongoing geopolitical uncertainties. Trends in GIFT Nifty also indicate a flat start for the Nifty 50 and Sensex, with GIFT Nifty trading around 22,767, at a discount of nearly 11 points to the previous close of Nifty futures. In the previous session, domestic equity benchmarks ended lower, with the Nifty 50 closing slightly below the 22,700 mark. Market sentiment is likely to remain cautious as investors evaluate global interest-rate signals, crude oil movements and geopolitical developments. On the technical front, Nifty support is placed around 22,600–22,500, while resistance is seen in the 22,850–22,925 range.

US Market Recap

US equity markets closed higher on Wednesday after the Federal Reserve kept its benchmark interest rate unchanged, in line with market expectations. The Dow Jones Industrial Average gained 97.53 points, or 0.19%, to close at 52,475.10, while the S&P 500 advanced 21.37 points, or 0.28%, to settle at 7,743.97. The Nasdaq Composite also rose 72.04 points, or 0.27%, to end at 26,549.85. The Federal Open Market Committee (FOMC) maintained the federal funds rate in the range of 3.75%–4%, with a 10–2 vote in favour of holding rates steady. The decision reflected the Fed's continued focus on its dual mandate of price stability and maximum employment. Investors will monitor the central bank's policy signals for indications of the future interest-rate trajectory.

Asian Market Update

Asian markets traded mixed on Thursday following the US Federal Reserve's decision to maintain interest rates. Japan's Nikkei 225 advanced 1.08%, while the broader Topix index remained largely unchanged. South Korea's Kospi gained 0.75%, whereas the Kosdaq declined sharply by 2.71%. Meanwhile, Hang Seng index futures pointed to a higher opening in Hong Kong. Regional sentiment remained mixed as investors assessed the implications of the Fed's decision, technology-sector performance and developments in global markets. Attention is also focused on the Bank of Japan's policy meeting and its potential implications for regional financial markets.

Commodity Check

Brent crude prices eased on Thursday after retreating from recent multi-year highs, as investors weighed renewed diplomatic efforts to prevent further escalation in the Middle East against reports of possible fresh US strikes on Iran following the midterm elections. Brent crude was last trading at $114.30 per barrel, down 0.8% on the day, after settling 1.3% higher at $115.32 per barrel on Wednesday. Meanwhile, US West Texas Intermediate (WTI) crude futures surged 2.9% in the previous session to settle at $102.78 per barrel.

Stocks In News

• Dr Reddy's Laboratories: The US Food and Drug Administration (USFDA) has classified the inspection outcome for FTO-SEZ Process Unit-02 in Andhra Pradesh as Voluntary Action Indicated (VAI) and officially closed the inspection. The US health regulator had conducted a Pre-Approval Inspection (PAI) and a Good Manufacturing Practices (GMP) inspection at the facility.
• Fortis Healthcare: Fortis Healthcare has acquired Suguna Hospital, a 110-bed facility in Bengaluru, for approximately Rs 277 crore. The hospital has the potential to expand its capacity to around 150 beds.
• Titagarh Rail Systems: Titagarh Rail Systems has received an additional order for 4,955 BOXNHL wagons, valued at Rs 1,716.90 crore, from the Ministry of Railways. With this addition, the total quantity of BOXNHL wagons under the order has increased to 9,994, at the same price and under the same terms and conditions. The total amended value of the contract, following the increase in quantity, stands at Rs 10,404.10 crore.
• Awfis Space Solutions: Awfis Space Solutions has announced the launch of new centres in Pune, Bengaluru and Mumbai, adding around 1.45 lakh sq ft of premium Grade A+ space to its portfolio.