SGX Nifty indicates firm opening
Published on Sep 27, 2022 08:34
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 67 points at the opening bell.
The Reserve Bank of India (RBI)`s six-member Monetary Policy Committee is scheduled to meet this week during 28-30 September 2022. RBI Governor Shaktikanta Das will announce the MPC decision on 30 September 2022, the last date of the meeting. The RBI is widely expected to maintain the balancing act between growth and inflation.
In the past three policy reviews, the RBI`s rate-setting panel has raised 140 basis points in total since May this year. Currently, the repo rate, the interest rate at which the RBI lends to the commercial bank, stands at 5.40%.
Overseas, Asian stocks are trading mixed on Tuesday after sharp falls on Monday. China`s industrial profits for January to August fell 2.1% from the same period a year ago, official data showed.
Wall Street slid deeper into a bear market on Monday, with the S&P 500 and Dow closing lower as investors fretted that the Federal Reserve`s aggressive campaign against inflation could throw the US economy into a sharp downturn.
The Bank of England on Monday said it is monitoring financial market developments �very closely� after a dramatic turmoil saw the British pound. The BOE governor said the central bank`s monetary policy committee would make a �full assessment� at its next scheduled meeting in November, �and act accordingly.� �The MPC will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term, in line with its� responsibility, he added.
Back home, equity barometers tanked on Monday, extending losses for the fourth trading session. The barometer index, the S&P BSE Sensex, dropped 953.70 points or 1.64% to 57,145.22. The Nifty 50 index tumbled 311.05 points or 1.80% to 17,016.30.
Foreign portfolio investors (FPIs) sold shares worth Rs 5,101.30 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,532.18 crore in the Indian equity market on 26 September, provisional data showed.
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