Markets likely to open cautious ahead of RBI policy outcome
ndian equity markets are likely to begin the day on cautious note on Wednesday ahead of RBI bi-monthly monetary policy outcome. The SGX Nifty, which was trading at 10,145 down by 13 points, indicating nervous opening for the domestic bourses.
Nifty50 recorded the highest-ever daily close above the 10,100 mark. Now going forward resistance for the Nifty50 index are seen around levels of 10,200 and 10,240. On the downside, the level of 10,050 and 10,000 are seen as support levels.
Key result for the day: Bata, CAPF, Edelweiss, Godrej Properties, PNB, Lupin, Reliance Infrastructure, Voltas and Wockhardt.
All eyes will be on the RBI credit policy today. According to a poll conducted by Bloomberg, 40 of 56 economists expect a 25 basis point cut in the benchmark repo rate.
Back home, Indian markets opened on positive note and later on it shifted to sideways movement for the better part of the session, however, towards the end of the session bulls took the charge and market ended the day with decent gains. Both the Sensex, and the Nifty, hit record closing high.
US stock-market indices closed higher on Tuesday with the Dow reached another new record closing high. The Dow Jones Industrial Average edged up 73 points to 21,964, the Nasdaq Composite Index surged 15 points to 6,363 and the S&P 500 rose 6 points to end at 2,476.