July 7, 2022

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Sensex, Nifty May Struggle For Direction Ahead Of RBI Decision

2 min read

Indian shares look set to open on a cautious note Friday, tracking mixed global cues and amid anxiety ahead of RBI’s monetary policy committee meeting against the backdrop of surging inflation.

Analysts say there is crying need for the central bank to move away from the accommodative stance and revert to its mandated role of ensuring price stability.

Benchmark indexes Sensex and the Nifty fell around 1 percent each on Thursday to extend losses for the third day running, while the rupee slipped 19 paise to close at 76.03 against the dollar amid dollar purchases by state-run banks on behalf of crude refiners.

Asian markets traded mixed this morning and were set for steep weekly losses due to worries over the war in Ukraine, Covid-19 lockdowns in China and the Fed’s plan for aggressive policy tightening. Oil inched up but was poised for a 3 percent weekly drop.

U.S. stocks ended a choppy session higher overnight and the yield on the 10-year U.S. Treasury note hit a three-year high, as investors pondered the outlook for inflation and interest rates.

The Dow edged up 0.3 percent, the tech-heavy Nasdaq Composite index inched up marginally and the S&P 500 gained 0.4 percent.

European stocks gave up early gains to end lower on Thursday after the release of relatively hawkish minutes from the March 9-10 ECB policy meeting.

Policymakers appeared keen to roll back stimulus and argued that conditions for lifting rates had either been met or were about to be met.

The pan European Stoxx 600 eased 0.2 percent. The German DAX and the U.K.’s FTSE 100 both dropped around half a percent while France’s CAC 40 index slipped 0.6 percent.

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2022-04-07 22:57:14

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