Indian shares set to open higher ahead of RBI rate decision
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Indian shares are set to open higher on Wednesday, tracking global peers, ahead of the Reserve Bank of India's monetary policy decision and on hopes of an interest rate pause by other major central banks.
India's NSE stock futures listed on the Singapore exchange were up 0.11% at 18,699, as of 8:10 a.m. IST.
Wall Street equities closed higher overnight, with the S&P 500 and Nasdaq Composite indexes closing at fresh 2023 highs, ahead of rate decisions from the U.S. Federal Reserve, European Central Bank and Bank of Japan, due next week.
The Fed is expected to abstain from raising rates, in the light of key macroeconomic data. Asian markets were mostly higher. [MKTS/GLOB]
Investors also await the RBI's monetary policy decision on June 8. The central bank is expected to leave its key interest rate unchanged this week and for the rest of 2023, a Reuters poll of economists showed.
Both the Nifty 50 and Sensex indexes reversed intraday losses in the final hour, to extend their winning streak to a third session in a row on Tuesday.
Analysts expect the benchmarks to see another session of consolidation, ahead of the RBI's monetary policy decision. They anticipate focus shifting to interest-sensitive sectors.
Foreign institutional investors bought 3.86 billion rupees ($47 million) worth of Indian equities on Tuesday, while domestic investors sold 4.89 billion rupees of shares on a net basis, as per provisional NSE data.
Foreign investors' buying in Indian shares hit a nine-month high in May, with financial services attracting a lion's share of investments.
STOCKS TO WATCH
** GMR Airports Infrastructure: Co's unit divests 818,000 square feet warehouse facility at Hyderabad Airport, for 1.88 billion Rupees.
** Torrent Power: Co signs memorandum of understanding with Maharashtra government to develop pumped storage hydro projects; projects to entail investment of 270 bln Rupees.
** Wipro: Co launches immersive experience for financial services with Microsoft.
** IFB Industries: Societe Generale buys 300,000 shares at 800 Rupees apiece
($1 = 82.5316 Indian Rupees)
