Market may open lower

2 Nov 2022 , 08:20 AM

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 29 points at the opening bell. Focus will be on the Reserve Bank of India (RBI) scheduled tomorrow, 3 November 2022. An additional meeting of the Reserve Bank of Indias Monetary Policy Committee (MPC) has been scheduled for 3 November 2022. The meeting with its rate-setting panel could be held to discuss RBIs reply to the government, explaining the reasons of its failure to contain inflation up to 6%, as per reports. The RBIs rate-setting panel last met on 28 – 30 September, 2022 and was slated to meet for the last time this calendar year on 5 – 7 December. The MPC had on 30 September, 2022, increased the policy repo rate by 50 basis points (bps) to 5.9%. Global markets: Overseas, Asian stocks are trading mixed on Wednesday as investors brace for another likely 75-basis-point rate hike by the Federal Reserve. US stocks slipped on Tuesday as investors digested economic data ahead of an expected rate hike from the Fed later Wednesday. Investors will be closely eyeing any signals in the statement or comments from Fed Chair Jerome Powell afterward that the central bank is contemplating decreasing its rate hikes. Domestic markets: Back home, the key equity barometers ended with decent gains on Tuesday, rising for the fourth consecutive session. The barometer index, the S&P BSE Sensex, advanced 374.76 points or 0.62% to 61,121.35. The Nifty 50 index gained 133.20 points or 0.74% to 18,145.40. Foreign portfolio investors (FPIs) bought shares worth Rs 2,609.94 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 730.14 crore in the Indian equity market on 1 November, provisional data showed. Powered by Capital Market – Live News