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Pre Session Commentary

Stocks may nudge lower in early trade, RBI policy in focus
(08:33, 05 Apr 2024)

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 47 points at the opening bell.

The RBI Monetary Policy Committee (MPC) kicked off its 3-day meeting deliberating interest rates and analysing the state of the economy on 3 April 2024 and will end today 5, April 2024. While the RBI is widely expected to keep rates on hold, any signals on inflation and economic growth will be closely watched.

Global markets:

Overseas, Asian stocks are trading lower on Friday, tracking overnight losses on Wall Street amid rate cut uncertainty, and sharp rise in crude oil prices. Financial markets in Mainland China, and Taiwan are closed for Qingming Festival on Friday.

US stock indexes fell more than 1% on Thursday as Federal Reserve officials took a cautious approach in comments on the outlook for interest rate cuts, and investors braced for Friday's US monthly jobs report.

On Thursday, Minneapolis Fed President Neel Kashkari cast doubts on Thursday over the central bank cutting rates at all if inflation remained sticky.

Domestic markets:

Back home, domestic stocks advanced on Thursday, with the Nifty closing above 22,500 despite morning jitters. The S&P BSE Sensex gained 350.81 points or 0.47% to 74,227.63. The Nifty 50 index added 80 points or 0.36% to 22,514.65.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,136.47 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 893.11 crore in the Indian equity market on 4 April, provisional data showed.

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