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The market is expected to open higher today, following gains in global markets and ahead of the announcement of the Reserve Bank of India’s monetary policy. The RBI Governor Shaktikanta Das-led Monetary Policy Committee (MPC) is widely expected to keep the repo rate unchanged, but may change its policy stance.

Equities in Asia climbed Wednesday after a tech rally lifted Wall Street and bets on Federal Reserve rate cuts stabilized. US stocks finished higher on Tuesday, with the Nasdaq outperforming the other main benchmarks as all Magnificent Seven heavyweights advanced. Oil prices were pulling back sharply on Tuesday after surging to a six-week high the previous session.

As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs.5729.60 crore and Domestic institutional investors bought shares worth net Rs.7000.68 crore on 8^th October 2024.

Asian stocks were mixed on Wednesday, as investors remained cautious amid ongoing geopolitical tensions and a lack of concrete stimulus details from China. Chinese shares experienced a sharp decline as investors were disappointed by the absence of specific measures to boost the economy. Despite repeated calls from investors, Beijing has been hesitant to implement targeted fiscal stimulus.

US stocks rebounded on Tuesday, following a decline the previous day, as oil prices eased and investors assessed the situation in the Middle East. The S&P 500 gained 0.97%, the Nasdaq Composite rose 1.45%, and the Dow Jones Industrial Average added 0.3%.

Markets are now closely watching for clues about future US interest rate policy, as doubts persist regarding the Federal Reserve`s plans for further rate cuts. The minutes of the Fed`s September meeting are scheduled for release later on Wednesday, and several Fed officials are also set to speak.

Consumer price index inflation data, due on Thursday, is expected to play a significant role in shaping the Fed`s outlook.

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