Sensex, Nifty may open flat with negative bias; RBI policy eyed
The US markets ended lower on Thursday on wary about the Federal Reserve potentially shifting monetary policy.
SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 7 points at the opening bell.
RBI policy: RBI’s Monetary Policy Committee (MPC) began its bi-monthly deliberations on Wednesday, 2 June. The monetary policy outcome will be announced today, 4 June. MPC is widely expected to keep the policy interest rates unchanged, maintain the accommodative stance and ensure adequate liquidity in the system to stimulate growth. The RBI had kept key interest rates unchanged at the last MPC meeting held in April this year. The repo rate was kept at 4% and the reverse repo rate at 3.35%.
Global markets: Overseas, Asian stocks traded lower on Friday after US equities sagged amid robust economic data that stoked concerns about a pullback in central bank stimulus.
US stocks ended lower on Thursday, though they came off lows on signs President Joe Biden may be willing to compromise on corporate taxes. Strong U.S. jobs data and record service-sector growth underscored the recovery from the pandemic.
Domestic markets: Back home, Key equity benchmarks ended with strong gains on Thursday, with small and midcap stocks outperforming. The barometer index, the S&P BSE Sensex, advanced 382.95 points or 0.74% to 52,232.43. The Nifty 50 index gained 114.15 points or 0.73% to 15,690.35.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,079.20 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 278.97 crore in the Indian equity market on 3 June, provisional data showed.
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