Stock Market Today: Positive start on Dalal Street on cards; all eyes on RBI's rate decision

Stock Market Today: The Sensex and Nifty50 in India are expected to open in the green on Wednesday, ahead of a key rate decision by the RBI's Monetary Policy Committee at 10 a.m. Nifty futures on the Singapore Exchange (SGX), an early indicator of the Nifty50 index, rose as much as 76.5 points, or 0.4%, to 17,806.5 ahead of the opening bell on Dalal Street.

RBI is expected to announce a hike

The RBI is widely expected to announce a 25-basis-point increase in the repo rate — the key interest rate at which it lends money to commercial banks — to 6.5 percent today, and then pause for a while, taking solace in relatively lower inflation.

Stock Market Today: Asian markets saw mixed moves

Other Asian markets saw mixed moves in the early hours of Wednesday, following a strong session on Wall Street overnight as investors digested Fed Chair Jerome Powell's remarks about how long the US central bank may need to tame inflation. He predicted "significant decreases in inflation" in 2023. At the time of writing, MSCI's broadest index of Asia Pacific shares outside Japan was up 0.4%.

Nifty charts hint at selling pressure on every uptick, Tokyo markets open lower

On the daily scale, Nifty formed a small-bodied bearish candle with a longer lower shadow, indicating buying interest on declines but a lack of follow-up activity at higher levels.
The Nikkei 225 index in Tokyo fell a few minutes after the market opened on Wednesday, as tailwinds from Wall Street rallies were offset by a stronger yen against the dollar.

Stock Market Today: Rupee ended little changed

On Tuesday, the Indian rupee finished little changed against the US dollar, having traded in a narrow range ahead of the Reserve Bank of India's policy decision and Federal Reserve Chair Jerome Powell's speech. The rupee was last trading at 82.70 to the dollar, down from 82.7250 the previous session.

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