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SGX Nifty:
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 26 points at the opening bell.
The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) began on Tuesday, 6 June 2023. The MPC decision will be announced by RBI Governor Shaktikanta Das on the last day of the meeting, which is Thursday, 8 June 2023. The RBI is reportedly likely to keep the policy repo rate unchanged, drawing comfort from the gradual easing of inflation.
World Bank expects growth in India to slowdown further to 6.3% in the financial year FY 2023/24 (April to March). This is a 0.3 percentage point downward revision from the previous estimates of 6.6%. The international financial institution attributes constrained private consumption due to high inflation as the main reason for slowdown.
Global markets:
Overseas, Asian stocks are trading mixed as the region looks to China's May trade data and a speech from Reserve Bank of Australia governor Philip Lowe, a day after Australia's central bank defied expectations and raised its benchmark interest rate to its highest in 11 years.
Australia' first quarter gross domestic product expanded by 2.3% year-on-year. This was the slowest rate of growth in 18 months since the country emerged from a Covid-19 lockdown in September 2021.
US stocks rose on Tuesday, helped by some advances in economically sensitive sectors, as investors awaited inflation data and the Federal Reserve's policy meet next week.
Domestic markets:
Back home, domestic equity barometers crawled higher after a volatile session on Tuesday, rising for the third consecutive session. The barometer index, the S&P BSE Sensex rose 5.41 points or 0.01% to 62,792.88. The Nifty 50 index added 5.15 points or 0.03% to 18,599.
Foreign portfolio investors (FPIs) bought shares worth Rs 385.71 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 489.02 crore in the Indian equity market on 6 June, provisional data showed.
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