Market Likely To Open Positive: All Eyes On RBI Policy
Chirag Gothi / 07 Apr 2015
Asian equities rose early Tuesday, tracking an inspiring lead from Wall Street overnight. SGX Nifty is up by 30 points. Indian market is likely to open positive to follow the other Asian market. The Reserve Bank of India (RBI) will announce its first bi-monthly policy for FY16 on Today at 11am. Market expects RBI to keep the repo rate steady at 7.5%.
Indian equities indices picked up momentum in last couple of hours of trade after a flat session earlier on yesterday. The BSE Sensex rose 244.32 points or 0.86% to 28504.46 and the Nifty climbed 73.65 points or 0.86% to 8659.90 ahead of the RBI’s monetary policy meet on 7th April, 2015. The broader markets were in line with the benchmark indices. The BSE mid-cap index advanced 1.1% and the small-cap index gained 1.4%.
Growth in India’s services industry lost some momentum in March, a business survey showed. The HSBC services Purchasing Managers’ Index (PMI) eased to 53 in March from February’s eight-month high of 53.9.
U.S. stocks rose on Monday as expectations the Federal Reserve could move more slowly in raising U.S. interest rates offset concerns over Friday's surprisingly weak monthly jobs report. The Dow Jones industrial average rose 117.61 points, or 0.66%, to 17,880.85; the S&P 500 gained 13.66 points, or 0.66%, to 2,080.62, and the Nasdaq Composite Index added 30.38 points, or 0.62%, to 4,917.32.
Oil prices surged to their biggest gain in nearly two months after Saudi Arabia raised prices for crude shipments to Asia, as demand from refineries improved. WTI crude oil for May delivery gained USD 2.94, or 6%, to USD 52.08 a barrel. Brent for May settlement climbed USD 3.01 to USD 57.96 on the London-based ICE Futures Europe exchange.
Asian equities rose early Tuesday, tracking an inspiring lead from Wall Street overnight. Australia’s S&P/ASX 200 Index added 1.2%, after a four-day weekend, while New Zealand’s NZX 50 Index gained 0.5%. Currently Nikkei 225 Index is up 215 points or 1.1% to 19,613. In South Korea, The benchmark Kospi index is trading at flat. China's benchmark Shanghai Composite index rose by 0.9% on the first trading day after a holiday as funds continued to pour into equities amid optimism the government will do more to boost economic growth.
SGX Nifty is up by 30 points. Indian market is likely to open positive to follow the other Asian market. The Reserve Bank of India (RBI) will announce its first bi-monthly policy for FY16 on Today at 11am. Market expects RBI to keep the repo rate steady at 7.5%.
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