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Home CURRENT AFFAIRS BUSINESS Stock Market Today: SGX Nifty indicates a flat start, RBI MPC outcome...

Stock Market Today: SGX Nifty indicates a flat start, RBI MPC outcome in focus

Stock Market Today

Stock Market Today: Domestic indices may open flat as global clues are mixed. Markets may stay turbulent when the Governor of the Reserve Bank of India (RBI) announces the monetary policy committee’s (MPC) decision today. In early morning trade today, the Nifty futures on the Singapore Exchange (SGX) were trading 15.5 points, or 0.08%, higher at 18,827.5. Asian markets were generally in the red, with Hong Kong’s Hang Seng falling 0.5%, China’s Shanghai Composite index falling 0.09%, South Korea’s KOSPI falling 0.3%, and Japan’s Nikkei 225 rising 0.07%.

Stock Market Today: Asian markets

Meanwhile, mixed trading is taking place in Asian markets today. The SGX NIFTY has gained 21.00 points. At the same time, the Nikkei is down approximately 0.13 percent at 31,871.23. At the same period, the Strait Times reported a 0.26 percent decline. Taiwan’s market is currently trading at 16,830.50, down 0.55 percent. Hangseng is currently trading at 19,182.97, a 0.35 percent decrease. At the same time, the Kospi has dropped 0.37 percent. At the same time, the Shanghai Composite has increased by 0.22 percent to 3,190.80.

RBI to maintain status quo

With a real rate of 100 basis points, CPI for FY24 is expected to be 5.50%, and the present repo rate is 6.50%, the case for maintaining the status quo in the next policy remains.
While GDP growth has been resilient, high frequency indicators, particularly in manufacturing, are exhibiting signs of an incremental deceleration, confirming the sustained pause. The crucial debating point, in our opinion, would be whether there is a justification to modify policy attitude. The direction of US interest rates would likewise be a fair discussion issue that may emerge in policy.

US Market updates

The Dow Jones Industrial Average (DJIA) climbed 0.27%, the S&P 500 dipped 0.38%, and the tech-heavy Nasdaq fell 1.29% in the overnight session. On Wednesday, the NSE Nifty 50 rose 127.40 points or 0.68% to 18,726.40, while the BSE Sensex rose 350.08 points or 0.56% to 63,142.96. Bank Nifty advanced 110.75 points, or 0.25%, to 44,275.30, Nifty FMCG advanced 571 points, or 1.12%, to 51,609.40, Nifty Metal advanced 90.30 points, or 1.51%, to 6,057.75, and Nifty Realty advanced 7.90 points, or 1.59%, to 506.30.

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