ANI
05 Aug 2022, 10:07 GMT+10
New Delhi [India], August 5 (ANI): Indian stocks traded largely steady this morning ahead of the Monetary Policy statement of the Reserve Bank of India Governor Shaktikanta Das scheduled at 10 a.m., where he will announce the outcomes of the latest monetary policy review meeting.
At 9.26 IST, Sensex traded at 58,467.96 points, up 169.16 points or 0.29 per cent, whereas Nifty traded at 17,435.20 points, up 53.20 points or 0.31 per cent.
The three-day monetary policy committee meeting commenced on Wednesday and it is highly likely the six-member panel will go for another interest rate hike to curb rising domestic inflation. If RBI hikes by a minimum of 25 basis points, then repo rates will reach pre-pandemic levels at 5.15 per cent.
In line with the global trend of monetary policy tightening to cool off inflation, the RBI has so far hiked the key repo rates -- the rate at which the central bank of a country lends money to commercial banks -- by 90 basis points to 4.90 per cent.
If the RBI chooses to hike the policy repo rate on Friday, it will be the third hike in a row. The repo rate is the rate at which the central bank of a country lends money to commercial banks.
"RBI rate action today is unlikely to impact markets. The most likely scenario of a 30 to 35 basis points rate hike is already known and discounted by the market. The market will be looking forward to the RBI's commentary on inflation, GDP growth for FY23 and other macros like CAD," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Also, the momentum in the domestic market is now influenced by global cues and strong buying by foreign investors, said Vijayakumar. (ANI)Get a daily dose of Australian Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Australian Herald.
More InformationTHE VATICAN - The world is in shock and mourning on Easter Monday as it woke to the news that Pope Francis had died. Having recently...
NEW YORK CITY, New York: A former New York City police sergeant, Michael McMahon, was sentenced this week to 1.5 years in prison. He...
WASHINGTON, D.C.: U.S. Interior Secretary Doug Burgum has ordered a stop to construction of Equinor's Empire Wind project off New York's...
SINGAPORE: Amid rising trade tensions, several Asian nations are stepping up energy purchases from the U.S. in hopes of easing tariff...
WASHINGTON DC - In a bid to combat illegal border crossings, the Trump Administration has enacted an emergency transfer of some 110,000...
More than 200 journalists and news photographers, together with family members, have been killed in Gaza in the last 16 months. Despite...
The Australian Federal Police (AFP) are appealing to the public for assistance in locating Michael Connors, a 25-year-old Irish national...
For most of this federal election campaign, politicians have said very little about violence against women and children. Now in...
In 2024, the National Defence Strategy made deterrence Australia's primary strategic defence objective. With writing now underway...
New Delhi [India], April 21 (ANI): Former Pakistan head coach Jason Gillespie and the Pakistan Cricket Board (PCB) are involved in...
Washington [US], April 21 (ANI): Jacob Elordi, known for his roles in 'Euphoria' and 'Saltburn', has returned to his homeland for a...
President Donald Trump has issued an executive order that would block state laws seeking to tackle greenhouse gas emissions - the latest...