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05-Apr-23   08:27 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 60 points at the opening bell.

The Reserve Bank of India (RBI) kicked off its monetary policy meeting on 3 April 2023. The outcome of the meeting will be announced on Thursday, 6 April 2023. The RBI's monetary policy committee (MPC) is expected to hike the repo rate by 25 basis points (bps) in order to combat rising inflation.

India' economy is expected to slow in the current fiscal to 6.3% on the back of shrinkage in consumption due to slower income growth, World Bank said in a latest report. The report estimates India's inflation to moderate from 6.6% to 5.5% in the current fiscal.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday as Wall Street digested a key U.S. labor report that showed job openings dropped to their lowest level in nearly two years in February.

New Zealand's central bank raised its benchmark cash rate by 50 basis points to 5.25%. New Zealand's central bank said its latest rate hike decision was supported by the fact that inflation is still “too high and persistent.”

US stocks snapped four day winning streak in the last trading session as investors look towards OPEC+ production cuts and inflation impact of the same with uncertainty still looming for the global economy.

Domestic markets:

Back home, the domestic stock market remained shut on Tuesday, 4 April 2023, on account of Mahavir Jayanti.

Foreign portfolio investors (FPIs) bought shares worth Rs 321.93 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 328.24 crore in the Indian equity market on 3 April, provisional data showed.

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