Market Analysis today
Mar 22 2024Market Action – Friday, March 22nd 2024**
Wall Street hits record highs in Thursday’s trade as investors continue to cheer the Federal Reserve`s rate-cut outlook.
Bullish traders have mostly raised hopes for an economic soft landing in the US.
Gift Nifty treading water in early action as ADR of IT stocks, especially INFY and Wipro tumbled 3.83% and 1.68% respectively after Accenture lowered its revenue forecasts on the backdrop of a tough macro economy.
GLOBAL UPDATE:
# GIFT Nifty 🇮🇳: (-30, 22089)
# Dow Future (+49, 39830)
# Nikkei (+243, 41063)
# Hang Seng (-118, 16745)
# Dow Jones (+269, 39781)
# Nasdaq (+32, 16402)
# Bovespa (-966, 128159).
WHAT EXACTLY HAPPENED AT WALL STREET IN YESTERDAY’S TRADE:
# In Thursday’s trade, all three US indices settled at a new record close as ‘Rate-Cut Momentum Buying’ continued.
# The Nasdaq Composite (+0.2% at 16,401), S&P 500 (+0.3% at 5,241) and Dow Jones Industrial Average (+0.7% at 39,781) each notched fresh record closes today, building on the momentum sparked by Wednesday`s release of the Fed`s "dot plot."
# Amongst tock specific news, Apple tumbled 4.1%, shedding $112 billion in market cap along the way, after the Department of Justice and 16 state attorneys general sued the tech giant for antitrust violations.
Securities in Ban For Trade Date 22-MAR-2024:
1 BALRAMCHIN
2 BIOCON
3 INDUSTOWER
4 PEL
5 SAIL
6 TATACHEM
7 ZEEL