Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 23 points at the opening bell.
The Reserve Bank of India's three-day monetary policy meet headed by the Governor, Shaktikanta Das commenced yesterday, 4 August 2020. The MPC will announce its policy stance tomorrow, 6 August 2020. Investors and traders will also keep an eye on whether RBI extends moratorium beyond August 2020.
Overseas, Asian stocks were trading mixed Wednesday as uncertainty remains over the state of coronavirus relief stateside.
Growth in China's services sector slowed in July from a decade high the previous month. The Caixin/Markit services Purchasing Managers' Index (PMI) fell to 54.1 from June's 58.4, which was the highest reading since April 2010. The 50-mark separates growth from contraction on a monthly basis.
In US, Wall Street ended higher after a choppy session on Tuesday, lifted by Apple and energy stocks but limited by declines in AIG and Microsoft.
White House negotiators late Tuesday vowed to work “around the clock” to reach a spending deal by the end of the week, but the Treasury Secretary warned they were not “going anywhere close” to the $3.4 trillion Democratic leaders sought.
Meanwhile, senior U.S. and Chinese officials will reportedly review the implementation of their Phase 1 trade deal and likely air mutual grievances in an increasingly tense relationship during an August 15 videoconference. U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He, the principal negotiators for the two countries, will participate in the meeting, an initial six-month review of the pact activated on February 15.
Back home, key domestic benchmarks surged on Tuesday, snapping their four-day losing streak. Rally in Reliance Industries and private banks pushed the indices higher. Firmness in other Asian indices boosted sentiment. The barometer index, the S&P BSE Sensex jumped 748.31 points or 2.03% at 37,687.91. The Nifty 50 index rallied 203.65 points or 1.87% at 11,095.25.
Foreign portfolio investors (FPIs) bought shares worth Rs 703.74 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 665.69 crore in the Indian equity market on 4 August, provisional data showed.
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