Nifty’s Opening Cues Ahead of RBI MPC Decision, SGX Nifty Up 23 Pts

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Nifty’s Opening Cues Ahead of RBI MPC Decision, SGX Nifty Up 23 Pts
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.12% or 23 points higher at 8:48 am on Thursday, indicating a flat to marginally higher opening on Dalal Street ahead of RBI’s interest rate decision

Further, the Dow Jones Futures and Nasdaq 100 Futures traded flat.

RBI is set to release its monetary policy decision at 10 am on June 8, 2023, and expects the central bank to keep the repo rate unchanged at 6.5% for the second consecutive time today.

Major US indices ended mixed on Wednesday as investors booked profits after many months of mega-cap stocks run and ahead of key economic triggers and events lined up for next week.

The market’s volatility barometer, CBOE Volatility Index closed at the lowest level since February 2020.

Nasdaq Composite tanked 1.29%, Dow Jones gained 0.27% and S&P 500 declined 0.38% on Wednesday.

Asian shares dipped on Thursday following a partial sell-off on Wall Street in the overnight session and as fears seeped in after a surprise interest rate hike by the Bank of Canada that instilled concerns that the US could also increase rates for longer, especially ahead of the Fed’s policy meet next week.

At 8:44 am, Japan’s Nikkei 225 dipped 0.13%, South Korea’s KOSPI declined 0.36%, Hong Kong’s Hang Seng index dropped 0.24%, China’s Shanghai Composite traded flat and Australia’s ASX 200 advanced marginally.

Oil prices declined on Thursday amid mixed demand signals from major world economies, while initial support from a Saudi production cut now appeared to be waning, an report stated.

Brent crude dropped 0.23% to $76.78/barrel and WTI Futures fell 0.22% to $72.38 a barrel. Natural Gas Futures declined 0.47%.

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