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Market may snap 3-day losing run; all eyes on RBI policy

Published on Jun 08, 2022 08:04

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 82.50 points at the opening bell.

Investors look ahead to the Reserve Bank of India`s latest interest rate decision expected later today. After the 40 basis points off-cycle rate hike on 4 May 2022, RBI is widely expected to increase the policy rate further.

Global Markets:

The US Dow Jones index futures were down 17 points, indicating a flat to negative opening in the US stocks today.

Asian shares rose in Wednesday. Japan`s economy shrank an annualized 0.5% in the first quarter, revised government data showed Wednesday.

US stocks rose on Tuesday ahead of Friday`s consumer price index reading for May. The S&P 500 climbed 0.95% to 4,160.68. The Dow Jones Industrial Average gained 264.36 points, or 0.8%, to 33,180.14. The Nasdaq Composite rose 0.94% to 12,175.23.

The World Bank on Tuesday cut its global growth forecast to 2.9% for 2022 and warned of the world economy slipping into a period of stagflation reminiscent of the 1970s.

In the commodities market, Brent crude for August 2022 settlement was up 20 cents or 0.17% at $120.77 a barrel.

Domestic Equity Market:

The domestic equity indices ended with steep losses on Tuesday, declining for the third straight session. Negative global cues and continuous selling by the FIIs dented sentiment. Investors were also cautious ahead of RBI`s policy outcome on Wednesday and the US inflation data expected on Friday. The S&P BSE Sensex tanked 567.98 points or 1.02% to 55,107.34. The Nifty 50 index dropped 153.20 points or 0.92% at 16,416.35. Both the indices have fallen 1.27% in three sessions.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,293.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,311.14 crore in the Indian equity market on 7 June 2022, provisional data showed.

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