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Market may open higher

Published on Feb 07, 2023 08:34

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 68 points at the opening bell.

The RBI policy review meeting began on 6 February and concludes on 8 February 2023. The central bank is projected to raise the repo rate but at a slower pace. In its December monetary policy committee meeting, the RBI raised the policy repo rate by 35 basis points (bps) to 6.25%.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday, as investors await Reserve Bank of Australia`s rate decision.

US stocks ended lower on Monday as investors shifted gears after considering the possibility that the Federal Reserve may take longer to start cutting interest rates.

Traders are keeping a close eye on speeches by Fed officials this week, including Chair Jerome Powell on Tuesday, for any change in the central bank`s rhetoric after data last week showed services activity was strong in January as well as strong job growth.

Domestic markets:

Back home, the key equity indices ended with modest losses on Monday, tracking negative global cues. The barometer index, the S&P BSE Sensex declined 334.98 points or 0.55% to 60,506.90. The Nifty 50 index lost 89.45 points or 0.50% to 17,764.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,218.14 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,203.09 crore in the Indian equity market on 6 February, provisional data showed.

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