Markets Set to Open Cautiously Higher as Government Mulls Withdrawing Retro Tax

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Markets Set to Open Cautiously Higher as Government Mulls Withdrawing Retro Tax

By Aditya Raghunath -- Nifty 50  and the BSE Sensex 30 are expected to open cautiously higher today as market sentiment will get a boost after Finance Minister Nirmala Sitharaman submitted a bill that seeks to withdraw retrospective tax.

Nifty 50 Futures in Singapore are trading up 0.17% at the time of this report which indicates a gap up opening for the markets.

The Reserve Bank of India’s (RBI) Monetary Policy Committee will conclude its three-day meeting today. It is widely expected that the committee will keep monetary policy on interest rates unchanged even as it tries to bring inflation under control.

It is likely that the RBI will adopt a wait-and-watch policy as it waits for more cues, and helps the economy on its road to recovery.

KM Birla has stepped down as Vodafone Idea Ltd (NS: VODA ) Chairman. A Moneycontrol report said that this was done to ringfence the rest of the Aditya Birla Group companies.

Asian markets are trading mixed today with Nikkei 225 up less than 0.1%, KOSPI 50 down 0.35% and the Shanghai Composite down 0.53%. China is facing a bad outbreak of the delta variant of the COVID virus, and has imposed restrictions in several regions.

US futures are all trading near record highs after data showed that fewer Americans filed for unemployment benefits last week. As of this report, Dow Jones 30 Futures are down 0.1% while S&P 500 Futures and Nasdaq 100 Futures are down less than 0.1% each.

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