Market may open lower; RBI policy meeting outcome awaited
10-Aug-23   07:55 Hrs IST

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 11 points at the opening bell.

RBI Policy outcome:

The RBI Governor Shaktikanata Das-led monetary policy committee (MPC) will announce its interest rate decision today, 10 August 2023 following three-day meeting. The Reserve Bank of India (RBI) may reportedly keep the benchmark repo rate unchanged. The central bank has kept the repo rate unchanged at 6.5% since February.

Global markets:

Overseas, Asian stocks are trading mixed as investors braced for July consumer price index data out from the U.S. on Thursday.

Japan's wholesale inflation rate slowed for a seventh straight month to 3.6%, down from June's revised figure of 4.3%. Wholesale inflation is measured by the corporate goods price index, which tracks the price companies charge each other for goods and services.

Wall Street stocks fell on Wednesday, with investors turning their attention to data on Thursday that is expected to show an acceleration in US inflation in July.

Domestic markets:

Back home, domestic shares experienced a volatile session on Wednesday, but managed to end with decent gains. The barometer index, the S&P BSE Sensex rose 149.31 points or 0.23% to 65,995.81. The Nifty 50 index added 61.70 points or 0.32% to 19,632.55.

Foreign portfolio investors (FPIs) bought shares worth Rs 644.11 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 597.88 crore in the Indian equity market on 9 August, provisional data showed.

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