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Market Ahead, August 7: All eyes on RBI MPC meet outcome

All eyes are set on the Reserve Bank of India's monetary policy committee today which is widely expected to reduce policy rate further to help revive the economy

BS Web Team  |  New Delhi 

All eyes are set on the Reserve Bank of India’s monetary policy committee today which is widely expected to reduce policy rate further to help revive the economy. As per a survey by Reuters, almost 80 per cent of 66 economists polled expected RBI to cut the repo rate by 25 bps.

Besides, Kashmir situation, next leg of corporate earnings, and global cues will continue to sway investor sentiment. They will also react to Indiabulls Housing Finance and other corporate results announced yesterday after market hours as well as keep tabs on the progress in monsoon, foreign fund flow, rupee's trajectory, and oil price movement.

The S&P BSE Sensex ended Tuesday's session at 36,977, up 0.75 per cent, and the Nifty50 closed at 10,948.25 levels, up 0.79 per cent.

The rupee edged lower by 8 paise and closed at 70.81 against the US dollar.

In the results corner, as many as 147 companies, including HCL Tech, Mahindra & Mahindra, Lupin, Voltas, Tata Steel, and Siemens are scheduled to announce their June quarter earnings today.

And, now from the primary market. The IPOs of microfinance lender Spandana Sphoorty Financial as well as Sterling & Wilson Solar were subscribed 30 per cent and 10 per cent, respectively, on Tuesday. Spandana’s Rs 1,200-crore issue closes today and Sterling’s Rs 3,125-crore offering will close tomorrow.

Now, let's take a look at the global US stocks jumped over 1 per cent on Tuesday as China stepped in to stabilize the yuan. Asian shares steadied slightly on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.05 per cent in early trade, while Japan's Nikkei bucked the trend to slip 0.26 per cent.

In the commodities market, oil prices weakened, with Brent crude slipping to seven-month lows over worries about weakening world demand. Brent crude futures fell 0.36 per cent to $58.73 a barrel.

Nifty futures on Singapore Exchange (SGX) were trading 39.50 points or 0.36 per cent lower at 10,923 levels, indicating a negative start for the Indian market.

And, before we wrap up, here're the top headlines for the day -

>> IndiGo spat resurfaces, Gangwal says he won't vote to expand board;

>> NSE, SGX receive Sebi, Monetary Authority of Singapore's approval for creating trade link at Gift City;

>> Govt asks NCLT to freeze assets of IL&FS arm's audit partners Deloitte, BSR;

First Published: Wed, August 07 2019. 08:08 IST
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