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Share Market LIVE: Sensex, Nifty open higher ahead of RBI policy
Stock Market Today: The focus is on RBI policy and other Asian cues.
Indian indices opened on a positive note ahead of RBI policy on Friday. While Asia markets were mixed, US stocks managed to close marginally higher overnight.
Indian indices started with gains on Friday as investors closely eye the RBI policy meeting outcome for further cues. Asian markets were mixed as investors worried about the effect of rising interest rates, while US stocks ended with gains. Crude oil prices edged lower and bond yields rose.
Reserve Bank of India (RBI) governor Shaktikanta Das on Friday will announce the first bi-monthly monetary policy statement of the current fiscal year at 10 am. The announcement will be followed by a press conference. The statement comes after a three-day review meeting of the six-member Monetary Policy Committee, or the rate-setting panel, of RBI, headed by Das.
Almost all economists expect the MPC to keep the repo rate unchanged at 4%, while three out of 10 economists expect a 25 basis points hike in the reverse repo rate. Five out of 10 economists expect the committee to change its stance to neutral from accommodative as the first step towards policy normalization. Economists, however, remain divided over whether the first repo rate hike will happen in June or August due to the global uncertainties. The market will closely watch Das’ speech for any change in the language in the policy statement, as investors look for signs of normalizing monetary settings. Since October 2019, the central bank has said it will “continue with the accommodative stance as long as it is necessary to revive growth.”
