Equity markets traded in a narrow range with a negative bias on Wednesday as caution prevailed ahead of the RBI policy meeting and key macro data.
«The US Fed Chair Powell's speech will be keenly watched. We expect the market to consolidate over the next few days until the events unfold,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 69.5 points, or 0.31 per cent, at 22,594, signaling that Dalal Street was headed for positive start on Thursday.
US stocks mixed
The S&P 500 and Nasdaq closed higher on Wednesday after data showing the U.S. services industry growth slowed further in March, but the advance was limited after Federal Reserve Chair Jerome Powell indicated a cut in interest was still not in sight.
Asian shares rise
Equities in Asia were primed for gains Thursday after Jerome Powell reaffirmed his view the Federal Reserve will likely cut rates this year.