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Friday, January 27, 2023

Business News | Markets open flat as investors wait and watch

Mumbai (Maharashtra) [India]December 07 (ANI): Domestic markets opened unchanged as investors wait and watch the outcome of the Monetary Policy Committee expected today.

BSE Sensex was down 2.75 points at 62,623.61 while the 50-share NSE’s Nifty was down 12 points at 18,630 as of 9:23 a.m.

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The Reserve Bank of India (RBI) started its bi-monthly policy review with the Monetary Policy Committee (MPC) meeting which started on Monday and will conclude today. The outcome of the policy will be announced today. More than the number of rate hikes, domestic investors would be watching the RBI’s comments as it ramps up its efforts to curb inflation and boost growth.

On the political front, several exit polls on Monday predicted a large majority for the Bharatiya Janata Party (BJP) in Gujarat and fierce competition between the parties prevailed in Himachal Pradesh. The vote count in both states will take place on December 8. The markets, in some way, will also be influenced by the result of the polls.

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Global markets, especially Asian markets, are all in negative territory. The Nikkei was down 128 points while the Hand Seng was down 20.87 points on December 7. The Dow Jones was down 350 points while the Nasdaq was trading 225 points in the morning.

On Tuesday, major home equity benchmarks ended a volatile session with small losses, falling for the third straight session. The barometer index, the S&P BSE Sensex, fell 208.24 points, or 0.33 percent, to 62,626.36. The Nifty 50 Index lost 58.30 points, or 0.31 percent, to 18,642.75.

According to government data, Foreign Portfolio Investors (FPIs) sold Rs 635.35 crore worth of shares, while Domestic Institutional Investors (DIIs), were net sellers to the tune of Rs 558.67 crore in the Indian stock market on December 6, according to provisional data. (AND ME)

(This is an auto-generated, raw story from the syndicated news feed, the body of the content may not have been modified or edited by LatestLY staff)

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