SGX Nifty Subdued Amid Steady Asia Trade As Fed Meets; Oil Extends Rally

SGX Nifty: Asian stocks saw muted trading Wednesday after their U.S. peers retreated from all-time highs, with investors awaiting a policy decision from the Federal Reserve. Crude oil traded at the highest since 2018.

Shares were modestly higher in Japan and Australia, while South Korean stocks led gains. Hong Kong and Chinese equities slipped.

India’s SGX Nifty 50 Index futures for June delivery fell 0.1% to 15,844.50, while the MSCI Asia Pacific Index was little changed. The NSE Nifty 50 Index added 0.4% Tuesday to 15,869.25.

Investors have been marking time ahead of the Fed’s policy decision as they await clues about when the central bank will slow the pace of emergency asset purchases.

Economists expect the so-called dot plot to point to an interest-rate increase in 2023, while the bank is unlikely to signal a scaling back of bond purchases until later this year.

Elsewhere, Bitcoin fluctuated around $40,000. West Texas Intermediate crude traded above $72 a barrel as investors weighed the outlook for rising demand against extended anti-virus curbs in some economies.

Back home, LIC Housing, Lemon Tree may react as the companies reported quarterly results after the market closed Tuesday. CESC, Rites Asahi India Glass and Nureca are among companies scheduled to report earnings Wednesday. Foreign investors bought a net Rs 807 crore of stocks on Monday, according to NSDL website.

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SGX Nifty Subdued Amid Steady Asia Trade As Fed Meets; Oil Extends Rally via @goldsilverrepor
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