DSIJ Mindshare

The US Federal Reserve raised interest rates by 25 basis points on Wednesday. The Indian equity market reacted to this hike and was down more than 200 points in the morning session on Thursday.

Overall volumes in futures & options currently stand at 1.40 crore contracts with a turnover of Rs. 8,34,692.34 crore.

Overall volumes in futures & options currently stand at 1.40 crore contracts with a turnover of Rs. 8,34,692.34 crore.

The index had surged over 600 points from the lows witnessed on December 11 and the present structure on the chart looks slightly overstretched, and hence, we may see some consolidation. In case of consolidation, the zone of 10,870-10,880 is likely to act as a support level.  Stocks in news: Orient Electric, Alembic Pharmaceuticals, Endurance Technologies, Om Metals Infraprojects, TCS, Pfizer, KPIT Technologies, Cosmo Films and Canara Bank.

Indian markets are likely to witness a gap-down opening as the cues from global markets are depressing. The SGX Nifty indicates Nifty could open around the level of 10,895 with loss of 0.82 per cent.