Market may open on soft note; RBI policy meeting outcome eyed

7 Dec 2022 , 08:32 AM

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 35 points at the opening bell. The Reserve Bank of India (RBI) started its bi-monthly policy review with the Monetary Policy Committee (MPC) meeting on Monday (5 December). The policy outcome will be disclosed on today, 7 December 2022. More than the quantum of rate hikes, domestic investors would watch out for RBIs commentary as it ramps up its efforts to curb inflation and push growth. On the political front, various exit polls on Monday predicted a big majority for the BJP in Gujarat and a dead heat in Himachal Pradesh where most pollsters gave an edge to the ruling party over the Congress. The counting of votes in both states will take place on 8 December. Elections for the Himachal Pradesh assembly took place on 12 November, while polling in Gujarat happened in two phases on 1 and 5 December. Global markets: Overseas, Asian stocks are trading lower on Wednesday after major U.S. indexes fell more than 1% each overnight as recession concerns weigh on markets. US stocks tumbled Tuesday, building on the previous sessions losses, as fears of a recession gripped Wall Street. Domestic markets: Back home, the key equity benchmarks ended a volatile session with small losses on Tuesday, sliding for the third straight session. The barometer index, the S&P BSE Sensex, fell 208.24 points or 0.33% to 62,626.36. The Nifty 50 index lost 58.30 points or 0.31% to 18,642.75. Foreign portfolio investors (FPIs) sold shares worth Rs 635.35 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 558.67 crore in the Indian equity market on 6 December, provisional data showed. Powered by Capital Market – Live News