Nifty’s Opening Ahead of RBI MPC Outcome: Global Cues As BoE Forecasts Recession

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Nifty’s Opening Ahead of RBI MPC Outcome: Global Cues As BoE Forecasts Recession
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.34% or 54 points higher at 8:48 am on Friday, indicating a positive opening on Dalal Street, following mixed global cues ahead of RBI’s three-day monetary policy meet outcome, with investors expecting a 35-50 bps rate hike. 

Further, the Dow Jones Futures gained and Nasdaq 100 Futures gained 0.25% each.

Major indices on Wall Street ended mixed on Thursday, with the tech-heavy index Nasdaq hitting a new three-month high, aided by (NASDAQ: AMZN ) and Advanced Micro Devices (NASDAQ: AMD ), while losses in energy stocks and heavyweight Apple (NASDAQ: AAPL ) dragged S&P 500 .

Investors also await a key US jobs report due on Friday for clues on the interest rate hikes further taken by the Fed. Further, the Bank of England raised interest rates to 1.75%, the highest in 27 years, while warning of a long recession on the way.

Nasdaq Composite gained 0.44%, Dow Jones tripped 0.26% and S&P 500 lost 0.08%.

Stocks across Asian markets were mostly up on Friday, following a tech upside on Wall Street, while Wall Street conducted military exercises around Taiwan.

At 8:45 am, South Korea’s KOSPI surged 0.85%, Japan’s Nikkei 225 rose 0.71%, Hong Kong’s Hang Seng index slid 0.12%, China’s Shanghai Composite traded flat, and Australia's ASX 200 gained 0.4%.

Brent crude was up 0.14% to $94.2/barrel and WTI Futures gained 0.33% to $88.8/barrel at the time of writing. Natural gas Futures climbed 0.26%.

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