Market Commentary - Pre-Session
Stocks my open in green; RBI policy outcome eyed As on : 08-Jun-23  08:38

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 12 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 today, 8 June 2023. The RBI is reportedly likely to keep the policy repo rate unchanged, drawing comfort from the gradual easing of inflation.

India received 57% lower rainfall than average in the first week of June, weather office data showed on Wednesday, after the monsoon's onset over its southern coast was delayed by the formation of a cyclone.

Global markets:

Overseas, Asian stocks are trading lower after a surprise interest rate hike by Bank of Canada revived worries that U.S. rates could stay higher for longer and the Federal Reserve could remain hawkish when it meets next week. The Bank of Canada (BoC) surprised markets on Wednesday by hiking its overnight rate to a 22-year high of 4.75%.

Japan's economy grew an annualized 2.7% in the first quarter of the year, expanding further than earlier estimates of 1.6% made last month, government data showed, as the economy continues to see robust spending.

Overnight in the US, the three main equity indices finished mixed as the Dow Jones gained, while S&P500 and Nasdaq closed in negative territory on Wednesday as investors took profits after a recent megacap stocks run and ahead of key economic and policy events next week.

Domestic markets:

Back home, the domestic equity indices have been on a roll, with Wednesday marking the fourth consecutive trading session of gains. The barometer index, the S&P BSE Sensex advanced 350.08 points or 0.56% to 63,142.96. The Nifty 50 index gained 127.40 points or 0.68% to 18,726.40. In four consecutive sessions, the Sensex advanced 1.14% while the Nifty climbed 1.29%.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,382.57 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 392.30 crore in the Indian equity market on 7 June, provisional data showed.

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