Market Analysis Today
Mar 26 2024Market Action – Tuesday, March 26th 2024
# Wall Street slipped lower for the second day in a row in Monday’s trade.
The street is anxiously awaiting further catalysts; the PCE inflation and comments from several policymakers for any further clues on the timing of the first rate cut by the Federal Reserve.
# Gift Nifty is treading water in early action on backdrop of massive selling by FIIs camp in Friday’s trade. Sentiments are also bit dented after Accenture lowered its revenue forecasts on the backdrop of a tough macro economy.
GLOBAL MARKET UPDATE:
GIFT Nifty : (-30, 22125)
Dow Future (+58, 39371)
Nikkei (+117, 40530)
Hang Seng (+75, 16549)
Dow Jones (-162, 39314)
Nasdaq (-44, 16384)
Bovespa (-96, 126931).
WHAT EXACTLY HAPPENED AT WALL STREET IN YESTERDAY’S TRADE:
# In Monday’s trade, the Dow and S&P 500 fell 0.41% and 0.31%, respectively, with both benchmarks sliding for the second straight session. The Nasdaq Composite also lost 0.27%, snapping a five-day advance.
Investors were primarily seen taking some profits off the table, while continuing to assess the economic and interest rate outlook in the US.
In corporate news, Intel dropped 1.7% following reports that China introduced guidelines to phase out US microprocessors from Intel in government PCs and servers. Microsoft also declined 1.4% due to concerns about the impact of the new guidelines on Windows operating systems.
Securities in Ban For Trade Date 26-MAR-2024:
1 BIOCON
2 SAIL
3 TATACHEM
4 ZEEL