Market may open lower

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 16 points at the opening bell.

The Reserve Bank of India (RBI) Governor-headed six-member Monetary Policy Committee (MPC) meeting is scheduled from 6 February to 8 February 2024.

Global markets:

Overseas, Asian stocks are trading lower on Tuesday with investors awaiting the Reserve Bank of Australia�s rate decision, though China stocks extended gains a day after its stimulus measures kicked in.

US stocks ended lower on Monday as Treasury yields spiked higher on concerns the Federal Reserve might not cut rates as much as expected. Lackluster results from McDonald�s also dampened investor sentiment.

Domestic markets:

Back home, the domestic equity benchmarks closed lower on Monday following last-hour selling, as investors maintain caution ahead of the Reserve Bank of India`s rate-setting meeting this week. The barometer index, the S&P BSE Sensex tumbled 354.21 points or 0.49% to 71,731.42. The Nifty 50 index declined 82.10 points or 0.38% to 21,771.70.

Foreign portfolio investors (FPIs) bought shares worth Rs 518.88 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,188.68 crore in the Indian equity market on 5 February, provisional data showed.

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