Market may open higher; RBI policy eyed

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 18 points at the opening bell. The key event is the Reserve Bank of India's (RBI) monetary policy meeting today, 4 October 2017.

The Reserve Bank of India's (RBI) bimonthly monetary policy decision is slated at 14:30 IST today, 4 October 2017. The central bank had cut policy repo rate by 25 basis points to 6% after its last monetary policy meeting in August, reducing the key policy rates for the first time in this fiscal year.

Overseas, most Asian stocks were trading higher. US equities added to records yesterday, 3 October 2017 as car sales boosted industrial shares, while Treasure yields turned lower and the dollar erased gains after touching a two-month high.

Back home,key benchmark indices logged modest gains on first trading day of the week yesterday, 3 October 2017. The Sensex gained 213.66 points or 0.68% to settle at 31,497.38, its highest closing level since 26 September 2017.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 693.03 crore yesterday, 3 October 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1552.41 crore yesterday, 3 October 2017, as per provisional data.

Among corporate news,Hero MotoCorp said it set a new global benchmark in the two-wheeler industry, surpassing the seven lakh sales mark in any month. The company said its total sales rose 6.78% to 7.20 lakh units in September 2017 over September 2016. The announcement was made after market hours yesterday, 3 October 2017.

Yes Bank said it successfully raised Rs 1500 crore of Basel III compliant Tier-II bonds through private placement against the base issue size of Rs 1500 crore. The announcement was made after market hours yesterday, 3 October 2017.

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