Share Market LIVE: Nifty, Sensex may remain volatile on F&O expiry; Investors await RBI MPC decision
Share Market News Today | Sensex, Nifty, Share Prices LIVE:
Domestic indices may remain volatile on Thursday, i.e, weekly F&O expiry as investors await the RBI MPC rate hike decision which is scheduled to be announced today.
The Nifty futures on the Singapore Exchange (SGX) were trading 40 pts or 0.23% lower at 17,584.50 in the early morning trade.
Asian markets were trading in red with Japan’s Nikkei 225 falling 1.08%, Asia Dow dropping 0.48%, South Korea’s KOSPI dipping 0.65%, China’s Shanghai Composite index tumbling 0.42% and Hong Kong’s Hang Seng plunging 0.84%.
The US market ended the overnight session mostly in red – Dow Jones Industrial Average rose 0.24%, S&P 500 plunged 0.25% and the tech-heavy Nasdaq tumbled 1.07%.
Oil prices eased in early Asian trade on Thursday after weak U.S. job openings data signalled cooling economic conditions which may hit demand.
West Texas Intermediate U.S. crude was down 14 cents to $80.47 a barrel at 2241 GMT. On Wednesday, Brent crude futures settled up 5 cents, or 0.1%, at $84.99 a barrel.
The National Stock Exchange has no securities on its F&O ban list for 6 April. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL).
During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
The Reserve Bank of India monetary policy committee (MPC) is set to announce the current financial year’s first bi-monthly monetary policy on Thursday, 6 April, concluding a 3-day meeting. Since retail inflation has remained above RBI’s target range of 2-6%, the MPC is expected to hike the interest rate by another 25 bps and take the repo rate to 6.75%.
Economists and analysts expect the policy tone to be balanced and current global headwinds may prompt RBI to be cautious and continue with the rate hikes.
The Reserve Bank of India’s (RBI) MPC is expected to raise repo rate by 25 basis points before taking a pause, in the bi-monthly monetary policy to be announced on April 6.
“With core inflation still above 6 per cent and the threat of rising food inflation, RBI may hike the repo rate one more time by 25 bps, before hitting the pause button in this cycle,” said Rajani Sinha, Chief Economist, CareEdge.
The RBI started its three-day review meeting on April 3.
According to experts and economists, this will probably be the last in the current monetary tightening cycle that began in May 2022.
In the past one year, the RBI has raised repo rate six times including an off-cycle increase of 40 basis points in May last year. The decision of the six-member panel will be announced by RBI Governor Shaktikanta Das on April 6.
The US market ended the overnight session mostly in red – Dow Jones Industrial Average rose 0.24%, S&P 500 plunged 0.25% and the tech-heavy Nasdaq tumbled 1.07%.
Asian markets were trading in red with Japan’s Nikkei 225 falling 1.08%, Asia Dow dropping 0.48%, South Korea’s KOSPI dipping 0.65%, China’s Shanghai Composite index tumbling 0.42% and Hong Kong’s Hang Seng plunging 0.84%.
The Nifty futures on the Singapore Exchange (SGX) were trading 40 pts or 0.23% lower at 17,584.50 in the early morning trade.
ByMoneycontrol
insidesmarket.com
