The markets are likely to open on a flat note as global cues turn mixed. As of 7:43 AM, the SGX Nifty Futures quoted 15,717 levels, indicating a minor cut of 15-odd points. All eyes will be on the US Federal Reserve’s (US Fed) rate decision post their 2-day June meeting. As per street estimates, the central bank is expected to raise interest rates by at least 50 basis points after the US inflation soared to 41-year high of 8.6 per cent in May.
While the US equity markets closed on a mixed ground, Asia-Pacific markets, too, followed similar suit. On Tuesday, the Dow Jones was down 0.5 per cent, the S&P 500 slipped to 0.3 per cent, whereas, tech-heavy NASDAQ Composite advanced 0.1 per cent.
Likewise, indices in Asian markets like Japan’s Nikkei 225 closed down 0.6 per cent. However, Hong Kong’s Hang Seng gained 0.8 per cent after Chinese retail sales and production data beat estimates.
Meanwhile, prices of oil bounced-back in trade. Brent crude inched up to $121 per barrel and WTI Crude hovered around $119 a barrel.
On the domestic front, banks are likely to see some action after State Bank of India and IDBI Bank raised their interest rates on retail term deposits. That apart, HUL, Hero MotoCorp, and Capri Global Capital will be on investors’ radar after Life India Insurance raised its stake in the three firms.
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