Market may open with small gains; RBI's policy decision eyed

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 11 points at the opening bell.

The Reserve Bank of India (RBI) Governor-headed rate setting panel -- Monetary Policy Committee (MPC) -- started its first meeting of the 2022-23 fiscal on 6 April 2022. The outcome will be announced today, 8 April 2022. Investors are awaiting the RBI's policy decision today amid expectations that the central bank might retain status quo on interest rate. In the previous meeting, MPC left the key policy rates unchanged.

Global markets:

Overseas, Asian stocks are trading lower on Friday after a comeback on Wall Street as investors continued to digest the Fed's plans to fight inflation.

US stocks rebounded on Thursday, following back-to-back losing sessions, as investors reassessed the Federal Reserve's latest plans to tighten monetary policy and combat rising inflation.

Investors on Thursday continued to monitor the Ukraine-Russia war, as Ukraine asks NATO for more weapons and the EU and U.S. weigh a ban on Russian coal. Meanwhile, the U.S. Senate passed a bill banning Russian oil and gas imports.

Domestic markets:

Back home, the key equity benchmarks extended losses for the third session on Thursday. The S&P BSE Sensex fell 575.46 points or 0.97% at 59,034.95. The Nifty 50 index shed 168.10 points or 0.94% at 17,639.55.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,009.62 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,774.70 crore in the Indian equity market on 7 April, provisional data showed.

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