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Market may open higher; RBI policy outcome eyed

Published on Feb 10, 2022 08:08

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 37 points at the opening bell.

The Reserve Bank of India (RBI)`s rate-setting Monetary Policy Committee (MPC) meeting commenced on 8 February 2022 and the outcome would be announced today, 10 February 2022. The RBI may hold its repo rate steady but an increase in the reverse repo rate is expected as part of a process to reduce the surplus liquidity poured into the markets earlier during the pandemic, as per reports.

On the political front, developments in the upcoming assembly polls in Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur will be closely watched. Polls in all the five states will be held from today, 10 February 2022 till 7 March 2022 in seven phases. The counting of votes and the result will be declared on March 10.

Global markets:

Overseas, Asian stocks are trading mixed on Thursday as investors await the release of U.S. consumer inflation data.

U.S. stocks rose on Wednesday as tech shares led a broad rally, clawing back some of their losses after a rough start to the year.

Meanwhile, investors await the release of U.S. consumer inflation data expected Thursday for clues on how the Federal Reserve could react to the rising price pressures.

Domestic markets:

Back home, the benchmarks indices settled with robust gains on Wednesday, tracking strong global cues. The barometer index, the S&P BSE Sensex, advanced 657.39 points or 1.14% to 58,465.97. The Nifty 50 index added 197.05 points or 1.14% to 17,463.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 892.64 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,793.35 crore in the Indian equity market on 9 February, provisional data showed.

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