10033 CONTINUES TO BE IMPORTANT SUPPORT; 10300 IMMEDIATE HURDLE

10033 CONTINUES TO BE IMPORTANT SUPPORT; 10300 IMMEDIATE HURDLE

WORLD MARKETS

US indices ended with cuts of 0.2%-0.3%, digesting Fed decision.

Fed raised rates by 25 basis points to a range of 1.5% to 1.75% as was widely expected. The central bank indicated that it still expected three hikes this year, but upgraded its projection for the benchmark rate in 2019 to 2.9%, up from a 2.7% projection released in December. Growth forecasts for this year and the next were also raised.

The benchmark 10-year yield broke above 2.9% before retreating to trade at 2.887%. The two-year yield also slipped from a nine-year high. Dollar index fell about half a percent to 89.78.

WTI crude surged 2.6% to $65.17, a 6-week high, after surprise drop in US as U.S. commercial crude stockpiles unexpectedly fell by 2.6 million barrel.

European markets, except a flat DAX, fell 0.2%-0.5%.

AT HOME

After gaining more than a percent in the morning, benchmark indices gave away more than half of the gains in the noon trade to end higher by 0.3%-0.4%. Sensex settled at 33136, up 139 points while Nifty added 31 points to finish at 10155. BSE mid-cap and small-cap indices rose 0.2% and 0.3% respectively. BSE Telecom index soared 2.4%, becoming top gainer among the sectoral indices, followed by 0.6% higher Finance and Capital Goods indices. Metal and Healthcare indices were the top losers, down 0.5% each.

FIIs net bought stocks and stock futures worth Rs 98 cr and 1245 cr respectively but net sold index futures worth Rs 1292 cr. DIIs were net buyers to the tune of Rs 198 cr.

Rupee depreciated 1 paise to end at 65.21/$.

The cabinet approved the centrally-sponsored Ayushman Bharat-National Health Protection Mission (AB-NHPM), which will provide a health insurance cover of Rs 5 lakh per family per year.

Sun Pharmaceutical said it got US FDA approval for its much awaited psoriasis drug Ilumya.

OUTLOOK

Today morning, Shanghai if flat but Hang Seng and Nikkei are up 0.5% and 0.8% respectively. SGX Nifty is suggesting about 50 points higher start for our market.

Nifty, after nearly achieving the downside target of 10033 on Tuesday, rebounded to close at 10155 yesterday and is set to open around 10200 today.

10300, as mentioned yesterday, continues to be immediate hurdle, a crossover of which will generate a "Buy" on the hourly chart and will pave the way for further upmove. 10480, the top made last week, would be the next target if that happens.

10033 continues to be important support to eye.