Market may open lower on negative global cues

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could decline 48 points at the opening bell.

The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) began its meeting on 6 December 2023. RBI Governor Shaktikanta Das is scheduled to announce the MPC decision on the final day of the meeting on Friday, 8 December 2023.

Global markets:

Overseas, Asian stocks are trading lower on Thursday, mirroring moves on Wall Street as investors assessed trade data from China and Australia.

US stocks ended lower on Wednesday as investors assessed data indicating falling inflation while awaiting jobs report.

Domestic markets:

Back home, the domestic equity indices achieved a seventh consecutive day of gains, with the Sensex and Nifty reaching new highs. The barometer index, the S&P BSE Sensex jumped 357.59 points or 0.52% to 69,653.73. The Nifty 50 index added 82.60 points or 0.40% to 20,937.70. Both the indices attained record closing high levels. In seven consecutive sessions, the Sensex jumped 5.58% while the Nifty climbed 5.77%.

Foreign portfolio investors (FPIs) sold shares worth Rs 79.88 crore, while domestic institutional investors (DIIs), were net bought to the tune of Rs 1,372.18 crore in the Indian equity market on 6 December, provisional data showed.

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