The markets are likely to open on a positive note, ending three-day losing streak, as global cues turn supportive. As of 8:00 AM, the SGX Nifty Futures quoted at 16,508 levels, indicating a gap-up of 92-odd points on the Nifty50.
All eyes will be on the Reserve Bank of India’s (RBI) policy action after it concludes their 3-day monetary policy committee (MPC) meet. Experts anticipate the central bank to raise interest rates by at least 40 basis points to tame inflationary pressures. Besides that, investors’ will eye RBI’s growth trajectory and inflation forecast for FY23-24.
Meanwhile, rate-sensitive sectors will be under investors’ radar after the RBI’s policy action. Banking stocks are likely to see action in trade towards their lending and deposit rates.
Globally, the Chinese trade data and Europe’s first quarter GDP data will be keenly watched out. The European GDP data will play a pivotal role to determine the market sentiment ahead of European Central Bank’s (ECB) rate action due Thursday.
That apart, oil prices remained on the boil as Brent Crude hovered above $120 per barrel, whereas, WTI Crude climbed to $119 a barrel.
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