Indices may see flat-to-positive opening

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 5 points at the opening bell.

The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting began on 6 February 2024. Interest rate decision will be announced to 8 February 2024. The RBI will hold its key interest rate steady at 6.50%, as per reports.

Global markets:

Overseas, Asian stocks are trading higher Wednesday, with the exception of Japan, tracking Wall Street gains as investors assessed corporate earnings from U.S. and Asian firms.

US stocks closed higher on Tuesday, as investors scrutinized a mixed bag of earnings at big U.S. companies and digested comments from Federal Reserve policy makers for clues about its first planned interest-rate cut.

Domestic markets:

Back home, the domestic equity benchmarks closed the session near the day`s highs on Tuesday despite initial concerns over a delay in US Federal Reserve rate cuts. The barometer index, the S&P BSE Sensex gained 454.67 points or 0.63% to 71,186.09. The Nifty 50 index added 157.70 points or 0.72% to 21,929.40.

Foreign portfolio investors (FPIs) bought shares worth Rs 92.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,096.26 crore in the Indian equity market on 6 February, provisional data showed.

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