Sensex today: Stock Market Highlights: Nifty forms long bull candle ahead of RBI

By Street Asset On Jun 7, 2023 0 0

08:09 PM

Crypto Wire: The SEC comes for Binance and Coinbase

It’s been a frantic week in crypto, with the U.S. securities regulator suing both Binance and Coinbase for allegedly violating U.S. laws. Bitcoin took a hit in turn, falling to its lowest level since March.

The U.S. Securities and Exchange Commission this week brought long-awaited cases against Binance and Coinbase, alleging that the platforms violated U.S. securities laws.

The regulator sued Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao on Monday, alleging the exchange artificially inflated its trading volumes, diverted customer funds, failed to restrict U.S. customers from its platform and misled investors about its market surveillance controls.

07:48 PM

Bank of Canada hikes rates to 4.75%, highest in 22 years

The Bank of Canada on Wednesday hiked its key overnight benchmark rate to 4.75%, the highest level in 22 years, on increasing concerns that inflation could get stuck significantly above its 2% target amid persistently strong economic growth.

The central bank had been on hold since January to assess the impact of previous hikes after raising borrowing costs eight times to a 15-year high of 4.50% – the fastest tightening cycle in the bank’s history.

Surprisingly strong consumer spending, a rebound in demand for services, a pick-up in housing activity and a tight labor market show excess demand in the economy is more persistent than anticipated, the central bank said in a statement.

07:40 PM

S&P 500, Nasdaq inch higher at open with Fed policy outlook in focus

The S&P 500 and Nasdaq opened marginally higher on Wednesday as investors refrained from making big bets ahead of inflation data and the Federal Reserve’s policy meeting next week.

The Dow Jones Industrial Average fell 10.81 points, or 0.03%, at the open to 33,562.47.

The S&P 500 opened higher by 1.62 points, or 0.04%, at 4,285.47, while the Nasdaq Composite gained 18.85 points, or 0.14%, to 13,295.26 at the opening bell.

07:39 PM

Fed on hold in June, but one-third of economists expect another hike soon

The U.S. Federal Reserve will not raise rates for the first time in well over a year at its June meeting, according to economists polled by Reuters, but a significant minority expects at least one more hike this year as the economy remains resilient.

Fed Chair Jerome Powell signaled in May the central bank might soon pause to assess the impact of an historically-aggressive 500 basis points worth of tightening, having delivered a rate rise at every meeting since March last year.

Over 90% of economists, 78 of 86, polled June 2-7 said the Federal Open Market Committee would hold its federal funds rate at 5.00%-5.25% at the end of its two-day meeting on June 14. The remaining eight expect a 25 basis point rise to 5.25-5.50%.

07:35 PM

FPIs net buyers on Wednesday

Foreign portfolio investors were net buyers on Wednesday at Rs 1,382 crore. DIIs too bought shares worth Rs 392 crore.

06:48 PM

UBS delays its Q2 results to August 31

UBS said on Wednesday it has delayed the publication of its second quarter results until August 31.
Switzerland’s largest bank, which is currently completing its takeover of rival Credit Suisse had originally planned to report its earnings on July 25.

04:49 PM

Nifty forms long bull candle ahead of RBI policy, is record high in the vicinity?

After being in a consolidation phase for several sessions, the benchmark Nifty 50 gave a positive breakout on Wednesday by crossing the key resistance level of 18700 points and even closing comfortably above it.

The 50-stock index ended 0.7% higher at 18726.40 points.

A long bull candle was formed on the daily charts with a gap-up opening. This indicates an attempt of an upside breakout of minor range movement, says Nagaraj Shetti, technical

analyst, HDFC Securities.

“The Nifty is all set to move into all time highs (above the high of 18887) in the short term and that could possibly open sharp upside momentum for the market ahead,” Shetti added.

Immediate support in Nifty 50 to be watched is at 18650 level, and the immediate resistance is around 18900 levels for the short term.

04:21 PM

Gold prices gain Rs 25; silver declines Rs 150

Gold prices gained Rs 25 to Rs 60,800 per 10 grams in the national capital on Wednesday, according to HDFC Securities. In the previous trade, the yellow metal had ended at Rs 60,775 per 10 grams.

Silver, however, declined Rs 150 to Rs 72,800 per kg.

Considering the drop in CPI inflation, the Monetary Policy Committee (MPC) is expected to continue holding rates steady. The latest inflation numbers were within the target range, as indicated in the previous policy. Moreover, IMD has indicated a normal monsoon, despite some concerns about El Nino, which will provide support to the RBI. With liquidity…