Stocks may open with small gains, RBI policy outcome eyed

Key stock indices are likely to open on a flat to positive note on Thursday, ahead of the RBI's monetary policy outcome due later today. The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting began on 6 February 2024. Interest rate decision will be announced today, 8 February 2024. The RBI will hold its key interest rate steady at 6.50%, as per reports.

GIFT Nifty:

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

Global markets:

Overseas, Asian stocks are trading higher on Thursday as investors assess Chinas January inflation data and await the Reserve Bank of Indias rate decision.

China's consumer prices fell for a fourth consecutive month in January while factory-gate prices declined at a slower pace, the National Bureau of Statistics data showed on Thursday. The country's consumer price index, a main gauge of inflation, dropped by 0.8% year-on-year in January, the NBS said, after a 0.3% decline in December. China's producer price index, which gauges factory-gate prices, dropped by 2.5% from a year ago in January, following a 2.7% fall in December, the NBS said.

US stocks advanced on Wednesday as strong earnings offset jitters related to US regional banks and China's markets.

Domestic markets:

Back home, the domestic equity indices concluded a turbulent session, hovering around the neutral position with a slightly negative tilt on Wednesday. The S&P BSE Sensex shed 34.09 points or 0.05% to 72,152. The Nifty 50 index rose 1.11 points or 0.01% to 21,930.50.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,691.02 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 327.73 crore in the Indian equity market on 7 February, provisional data showed.

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