RBI's hike is the third one since the beginning of the current financial year aimed at taming the inflationary pressure. Asian markets ended in green but the European markets started slight low as they keep an eye on the US jobs report to assess the health of its economy.
RBI Monetary Policy: Governor Shaktikanta Das to announce MPC decision at 10 am. Check live updates in this link
The Reserve Bank of India (RBI) Governor Shaktikanta Das-led Monetary Policy Committee (MPC) is likely to hike the policy repo rate for the third time this year on Friday in order to tame the inflationary pressure. Check here for live updates.
Sensex flat at pre-open amidst expectation of a rate hike
Cryptocurrency prices today: Bitcoin falls while ether, dogecoin Shiba Inu gain
Cryptocurrencies prices today were mixed with Bitcoin trading below the $23,000 mark. The world's largest and most popular cryptocurrency Bitcoin was trading nearly a per cent lower at $22,971. The global crypto market cap today was above the $1 trillion mark, as it was almost flat in the last 24 hours at $1.12 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose marginally to $1,657. Meanwhile, dogecoin price today was trading more than a per cent higher at $0.06 whereas Shiba Inu gained 0.5% to $0.000012.
Stocks to Watch: Adani Enterprises, JSW Steel, Tata Steel, Axis Bank, HCL
Alkem Laboratories, M&M, Indigo Paints, Paytm, Pfizer, Titan, and UCO Bank will be in focus as they declare their June quarter earnings today. (Full Report)
Sebi orders forensic audit of Future Retail’s financials
The Securities and Exchange Board of India (Sebi) has ordered a forensic audit of the financials of Future Retail, the company told the stock exchange on Thursday.
Future Consumer, a subsidiary, said Sebi has written to Future Retail’s interim resolution professional (IRP) intimating the appointment of Chokshi & Chokshi as the forensic auditors. The chartered accountant firm will look into the consolidated financial statements and account books of the company for the period between March 2020 and March 2022. (Full Report)
Oil prices extend losses on demand worries
Oil prices extended losses on Friday, after hitting their lowest since before Russia's February invasion of Ukraine in the previous session, as the market fretted over the impact of inflation on global economic growth and demand.
Brent crude dropped 10 cents, or 0.1%, to $94.02 a barrel by 0047 GMT, while U.S. West Texas Intermediate crude was at $88.48 a barrel, down 6 cents.
PFC, REC may loan ₹1.45 trillion to help discoms clear dues
State-run Power Finance Corp. Ltd. (PFC) and its subsidiary REC Ltd. are expected to lend around ₹1.2 trillion to state-run electricity distribution companies (discoms) under the Union government’s ambitious one-time settlement scheme that will kick in from 5 August, said two government officials. (Full Report)
Tokyo stocks rise after US tech gains
Tokyo stocks traded higher Friday following tech gains on Wall Street while more businesses reported that higher raw material prices were weighing on profits.
The benchmark Nikkei 225 index opened flat then rose 0.23%, or 65.06 points, to 27,997.26, while the broader Topix index was up 0.30%, or 5.77 points, at 1,936.50.
Gold rises ₹487; silver gains ₹426
Gold in the national capital on Thursday gained ₹487 to ₹52,566 per 10 grams amid a rise in international precious metal prices along with rupee depreciation, according to HDFC Securities.
The yellow metal had closed at ₹52,079 per 10 grams in the previous trade.
Silver also rose by ₹426 to ₹58,806 per kg from ₹58,380 per kg in the previous trade.
Tiger sells 2.34% stake in Zomato
Tiger Global nearly halved its stake in food delivery company Zomato Ltd, joining investors such as Uber Inc. and Moore Strategic Ventures, who have either exited or pared their stakes after a year-long lock-in for some shareholders ended on 23 July. (Full Report)
Centre mulls slashing steel export duty amid falling prices and rising domestic supply
The Union government may reduce or eliminate the export duty on steel products amid falling prices and rising domestic supply, two people familiar with the matter said, after a similar decline prompted a duty cut on petro products. (Full Report)
Rupee skids 25 paise to 79.40 against US dollar
The rupee depreciated by 25 paise to close at 79.40 against the US dollar on Thursday, posting its second day of losses amid disappointing macroeconomic data and US-China tensions.
Participants also stayed on the sidelines ahead of the RBI's interest rate decision on Friday, forex traders said.
RBI set to hike policy rates for the third time in a row to tame inflation
The Reserve Bank of India is likely to hike the policy repo rate by 25 to 50 basis points on Friday, the third hike since the beginning of the current financial year, in order to tame the inflationary pressure.
While the hike in policy interest rates is almost certain, analysts and economists have different opinions on the extent of the rate hike. It varies between 25 basis points to 50 basis points.
US stocks end mixed amid earnings, economic updates
Stocks gave back some of their recent gains Thursday as a choppy day of trading on Wall Street ended with a mixed finish for the major indexes.
The S&P 500 closed 0.1% lower after wavering between small gains and losses. The Dow Jones Industrial Average fell 0.3%, while the Nasdaq rose 0.4%.
Energy stocks, the biggest gainers in the benchmark S&P 500 so far this year, were the biggest drag on the market as the price of U.S. crude oil fell below $90 per barrel for the first time since early February, before Russia's invasion of Ukraine.
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