benchmarks are looking to start Thursday’s trade on a tepid note as global cues remain subdued. At 8:00 am, the SGX
futures were quoting 15,415 levels, 20 odd points higher than their previous close.
Fears of a recession in the US increased after Fed Chair Powell said that the central bank would move even more expeditiously than before in taming inflation, which could come at the cost of an economic downturn. Read here
Back home too, the members of the monetary policy committee (MPC) of the Reserve Bank of India (RBI) indicated more interest rate hike in the coming months to tackle rising inflation, minutes of the June policy review released on Wednesday showed.
Among stocks, Bajaj Auto will be in focus after the company said it would meet on Monday to further deliberate of the previously deferred share buyback plan.
Overnight, the US stocks ended a volatile session of trade with marginal losses following Powell’s comments on the central bank’s aim to bring down inflation. The S&P 500, Down Jones and Nasdaq were down 0.1 – 0.2 per cent at close.
Meanwhile, crude oil prices tumbled sharply in trades on Wednesday amid government measures to clamp down runaway prices. Brent Crude shed 2.8 per cent at $111.50 a barrel and WTI Crude slipped 3.1 per cent to $106.12 a barrel.