Market Commentary - Pre-Session
Market may open higher; RBI policy outcome to dictate market terms As on : 06-Oct-23  08:42

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 45 points at the opening bell.

The Reserve Bank of India (RBI) Governor-headed six-member Monetary Policy Committee (MPC) meeting is currently underway. The meeting started on 4 October 2023 and concludes today, 6 October 2023, with the governor announcing the outcome of the policy meet in his statement. The RBI's MPC is likely to maintain a status quo on interest rates, as per reports.

Global markets:

Overseas, Asian stocks are trading higher following much weaker-than-expected jobs data. China's markets remain closed for the weeklong holiday.

US stocks ended lower Thursday as investors looked toward key jobs data on Friday that could determine the next move for interest rates. Weekly initial jobless claims came in at 207,000 for the week ending September 30, up just 2,000 from the prior week's numbers.

Domestic markets:

Back home, domestic equity benchmarks managed to break a two-day losing streak on Thursday, as positive signals from global markets, PMI data, and a correction in crude prices boosted market sentiment. The barometer index, the S&P BSE Sensex jumped 405.53 points or 0.62% to 65,631.57. The Nifty 50 index advanced 109.65 points or 0.56% to 19,545.75.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,864.20 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 521.41 crore in the Indian equity market on 5 October, provisional data showed.

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