Market Watch: Sensex Expected to Drop at Open, GIFT Nifty Signals Lower Start; RBI to Announce Rate Decision Today
India's equity market will be tested on Wednesday, as Wall Street's potential recovery was short-lived over night. The Nifty closed 375 points above 22,500 on Tuesday. But all that will be scrutinized as futures are trading at steep discounts in US markets.
Market Watch: Sensex Expected to Drop at Open, GIFT Nifty Signals Lower Start; RBI to Announce Rate Decision Today
The expiration of the weekly options for Nifty makes today a very important day. The Monetary Policy Committee of RBI policy is also announcing their interest rate decision today at 10 AM. Nifty 50 makes the day even more important. Although a rate cut of 25 basis points is expected, the street will watch for Governor Sanjay Malhotra's comments on the future amid these looming uncertainty and whether or not the RBI will change its current stance from "neutral". Keep an eye on India VIX as it remains above 20. Keep an eye on this page for more information!
Stock market live updates:
Investec has upgraded the shares of Vedanta Ltd. owned by Anil Agarwal, following the recent correction in the stock prices, which is in line with the decline in other metal stocks.
On Wednesday, April 9th, Indian Pharmaceutical companies will react to the announcement by US President Donald Trump tariffs that he would be announcing significant tariffs in the Pharma sector.
The oil market continued its brutal decline, which has driven prices down to their lowest level in four years. A escalating trade war is threatening to devastate energy demand. Brent fell as much as 3.1%, dropping below $61 per barrel. West Texas Intermediate also dropped for a fifth consecutive day.
Asian shares fell at the opening as White House pushed ahead with sweeping Nifty smallcap, including a 104% tax on China. This sapped investor appetite for risks. US Treasury yields continued to rise.
The S&P 500 equity index futures fell by more than 1,8%. Stocks in Australia and Japan also tumbled. The dollar dropped against its major counterparts and oil continued to fall.
