Nifty’s Opening on RBI MPC Day: SGX Nifty in Green, Global Cues

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.37% or 66 points higher at 8:19 am on Wednesday, indicating a positive opening on Dalal Street.

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

All eyes are affixed on RBI’s MPC announcement today when Governor Shaktikanta Das will release the last monetary policy review of FY23 and the first one of CY23.

Read Also: RBI MPC Time, Investing.com Forecast: Street’s Outlook As Inflation Moderates

Major indices on Wall Street surged on Tuesday despite wavering during the trading hours as investors reacted to Fed Chair Jerome Powell’s comments on inflation and the continuation of existing interest rate hikes to tame inflation, especially after a red-hot jobs report in Jan 2023 and unemployment rate dropping to an over four-decade low.

"Powell expects they're not going to be cutting rates anytime soon, but that there is a good path, that they're accomplishing what they need to accomplish," said Shawn Cruz of TD Ameritrade.

Nasdaq Composite jumped 1.9%, Dow Jones rose 0.78% and S&P 500 surged 1.3%.

Asian markets traded mixed on Wednesday following a less hawkish-than-expected comment from Powell, while the US dollar eased as the Fed Chair boosted risk appetite.

"He (Powell) didn't say anything new. Yes, he's not hawkish, but he's dovish either,” said Zhiwei Ren of Penn Mutual Asset Management to Investing.com.

At 8:20 am, Japan’s Nikkei 225 declined 0.6%, South Korea’s KOSPI rallied 3.53%, China’s Shanghai Composite traded muted, Hong Kong’s Hang Seng climbed 0.2%, and Australia's ASX 200 gained 0.24%.

Oil prices traded mixed on Wednesday, with Brent crude dipping 0.34% to $83.8/barrel, while WTI Futures traded at $77.4/barrel. Natural Gas Futures tanked 1.2%.