5 things that changed for the stock market over night - Gifty Nifty to Japan Q3 GDP data
Bank of India's (RBI) monetary policies are currently the centre of attention for the market. The Monetary Policy Committee (MPC) of the Reserve Bank of India is currently holding a three-day policy meeting. The meeting ends on today.
The US Federal Reserve is scheduled to make its policy announcement on Wednesday, December 13, of next week. The 30-share BSE Sensex ended 132.04 points lower or 0.19% at 69,521.69, while the NSE Nifty 50 ended lower 36.55 points, or 0.17%, to close at 20,901.15. According to Vinod Nair, Head of Research at Geojit Financial Services, the market took a breather, the investors are in a wait-and-watch mode ahead of the monetary policy announcement.
A better-than-estimated Q2 GDP growth, ease in global oil prices and drop in global bond yield will be the silver lining for the MPC. However, the expectation of a rise in domestic November inflation, drop in Rabi cultivation and increase in foodgrain prices will influence RBI to adopt a cautious approach in the short-term. The Gift Nifty is trading around 21,073 level as compared to the Nifty futures’ previous close of 21,033.85.
It is up 39.15 points from Thursday's close on Nifty Futures and amid mixed global cues. According to Rupak De, Senior Technical analyst at LKP Securities, the Nifty 50 remained sideways during the session, hovering within the bands of 20,850-20,950. Sentiment remains somewhat cautious ahead of the RBI policy meet.
The near-term trend remains sideways to weak as long as it stays below 21,000, a psychologically crucial level. A decisive breakout above 21,000 might induce a resumption of the uptrend. Until then, we anticipate weakness over the near term.
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