Market may open lower; RBI policy outcome awaited

30 Sep 2022 , 08:32 AM

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 67 points at the opening bell. The Reserve Bank of India (RBI)s six-member Monetary Policy Committee began on 28 September 2022. RBI Governor Shaktikanta Das will announce the MPC decision today, 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 RBIs 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%. Global markets: Overseas, Asian stocks are trading lower on Friday, following another sell-off on Wall Street overnight. Chinas official factory activity data unexpectedly expanded in August, beating estimates. Chinas official manufacturing Purchasing Managers Index surprisingly grew in September to 50.1. The official non-manufacturing PMI came in at 50.6 in September, down from 52.6 in August. Wall Street ended sharply lower on Thursday on worries that the US Federal Reserves aggressive fight against inflation could hobble the US economy, and as investors fretted about a rout in global currency and debt markets. Domestic markets: Back home, the domestic equity benchmarks ended with minor cuts on Thursday, extending losses to the seventh trading day in a row. The barometer index, the S&P BSE Sensex, fell 188.32 points or 0.33% to 56409.96. The Nifty 50 index lost 40.50 points or 0.24% to 16818.10. Foreign portfolio investors (FPIs) sold shares worth Rs 3,599.42 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,161.73 crore in the Indian equity market on 29 September, provisional data showed. Powered by Capital Market – Live News