It was a good day of trade on Tuesday, ahead of the big cues. The Nifty scaled 18,700. The India CPI, steady global cues, lower crude prices, aided sentiments. The US inflation data came in at 4 percent for May, which is at an over two-year low, which also boosted sentiment in terms of what the US Fed could do.

Hence, US markets closed higher, Asian markets are largely higher at this point and the SGX Nifty is indicating a bump up as well. Well, all will now be on the US fed decision today. The expectation is that it will skip a rate hike. The Street is anticipating a 90 percent chance that the US Fed will not hike rates. The US Fed has implemented 10 consecutive rate hikes over the past 14 months. Interest rates in the US are now at the highest level in 16 years.

Back home, the broader market out performance will be something that the Street will watch. The midcap index is at a record high. It rallied around 1.8 percent on a week to date basis. The small cap index is up around a 1.5 percent on a week-to-date-basis.

The FIIs have net bought around Rs 1677 crore in Tuesday’s trading session. This is after two consecutive days of selling. The DIIs have net sold around Rs 203 crore.

These are some of the market cues to watch out for today.

Tune in to Marketbuzz Podcast for more news and cues ahead of today’s session