ANI
05 Aug 2022, 14:37 GMT+10
New Delhi [India], August 5 (ANI): Indian stocks traded largely steady this morning ahead of the Monetary Policy statement of the Reserve Bank of India Governor Shaktikanta Das scheduled at 10 a.m., where he will announce the outcomes of the latest monetary policy review meeting.
At 9.26 IST, Sensex traded at 58,467.96 points, up 169.16 points or 0.29 per cent, whereas Nifty traded at 17,435.20 points, up 53.20 points or 0.31 per cent.
The three-day monetary policy committee meeting commenced on Wednesday and it is highly likely the six-member panel will go for another interest rate hike to curb rising domestic inflation. If RBI hikes by a minimum of 25 basis points, then repo rates will reach pre-pandemic levels at 5.15 per cent.
In line with the global trend of monetary policy tightening to cool off inflation, the RBI has so far hiked the key repo rates -- the rate at which the central bank of a country lends money to commercial banks -- by 90 basis points to 4.90 per cent.
If the RBI chooses to hike the policy repo rate on Friday, it will be the third hike in a row. The repo rate is the rate at which the central bank of a country lends money to commercial banks.
"RBI rate action today is unlikely to impact markets. The most likely scenario of a 30 to 35 basis points rate hike is already known and discounted by the market. The market will be looking forward to the RBI's commentary on inflation, GDP growth for FY23 and other macros like CAD," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Also, the momentum in the domestic market is now influenced by global cues and strong buying by foreign investors, said Vijayakumar. (ANI)
Get a daily dose of Beijing Bulletin news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Beijing Bulletin.
More InformationRepresentative Mike Gallagher, chair of the U.S. House of Representatives committee on China, says that after Beijing banned the sale ...
Washington - The director of the leading U.S. cybersecurity agency has a message for scientists and top technology company officials ...
PNNNew Delhi [India], May 31:Justagg's launch comes in response to the evolving needs of the digital era where convenience, adaptability, ...
SRV MediaNew Delhi [India], May 31:Given that law is a vast field which a successful lawyer is eligible to explore, ...
The tech billionaire has warned of a massive meltdown in the country's real estate sectorThe US commercial real estate sector ...
Mumbai (Maharashtra) [India], May 31 (ANI): Reserve Bank of India (RBI) Deputy Governor MK Jain said that effective risk management, ...
NEW YORK, New York - U.S. and global stocks tumbled Wednesday as lawmakers continued to navigate their way through Congress ...
PORTLAND, Maine: Fishermen in the US's only commercial-scale fishing industry for valuable baby eels, called elvers, have recorded a productive ...
LAS VEGAS, Nevada: A bill was introduced in the Nevada Legislature to provide the Oakland Athletics up to $380 million ...
WASHINGTON D.C.: Due to one of the tightest labor markets in decades, teenagers, who have been vital for filling summer ...
NEW YORK, New York - Republicans were in uproar Tuesday over the deal hammered out by President Joe Biden and ...
DETROIT, Michigan: After Ford Motor Co announced an agreement with Tesla to allow autos to be charged using the Tesla ...