Weak opening on the cards on subdued global cues

26 Sep 2022 , 07:58 AM

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 151 points at the opening bell. The Reserve Bank of India (RBI)s six-member Monetary Policy Committee is scheduled to meet next 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 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 sharply lower on Monday as negative sentiment continues to weigh in on markets. Japans factory activity growth hit a 20-month low in September. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers Index (PMI) slipped to a seasonally adjusted 51 in September from the prior months final of 51.5. US stocks tumbled on Friday as fears grew that a central bank prescription of raising interest rates to tame inflation will drag major economies into recession. Domestic markets: Back home, after a gap down opening, domestic benchmark indices declined further and closed with deep losses for the third consecutive session on Friday, 23 September 2022. Weak global cues impacted investors sentiments. The barometer index, the S&P BSE Sensex, dropped 1020.80 points or 1.73% to 58,098.92. The Nifty 50 index tumbled 302.45 points or 1.72% to 17,327.35. Foreign portfolio investors (FPIs) sold shares worth Rs 2,899.68 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 299.10 crore in the Indian equity market on 23 September, provisional data showed. Powered by Capital Market – Live News