The Indian stock market is gearing up for an eventful day as the Reserve Bank of India (RBI) is set to announce its monetary policy decision today. The Sensex and Nifty 50 are projected to open slightly higher, with the Gift Nifty trading at 22,905 in the early hours of the morning.
Investors are eagerly awaiting the RBI’s decision, with expectations that the central bank will keep interest rates unchanged and maintain its tighter monetary stance. The RBI’s focus is likely to be on bringing down inflation towards its medium-term target of 4%, given the robust economic growth in the country.
Global markets are also showing signs of positivity, with Asian stocks set to snap a two-week losing streak after major central banks, including the European Central Bank and the Bank of Canada, initiated rate cuts. This has sparked expectations that the US Federal Reserve could also follow suit in the near future.
The market sentiment is cautiously optimistic, with traders keeping an eye on the upcoming US nonfarm payrolls report, which is expected to show an addition of 185,000 jobs in the US last month. Any softening in the data could lead to a rally in equities and a decline in the dollar.
In commodities, oil prices are slightly lower, with Brent crude futures at $79.80 a barrel and US West Texas Intermediate crude futures at $75.48 per barrel. Gold prices are also down slightly at $2,370.82 an ounce.
Overall, the Indian stock market is poised for a positive opening, with all eyes on the RBI’s monetary policy decision and global economic developments that could impact market sentiment throughout the day.
