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On Thursday the 30-share index Sensex had ended at 40,182.67, gaining 303.72 points or 0.76%. The Nifty had closed at 11,834.60, gaining 95.75 points or 0.82%. (Photo: PTI)
On Thursday the 30-share index Sensex had ended at 40,182.67, gaining 303.72 points or 0.76%. The Nifty had closed at 11,834.60, gaining 95.75 points or 0.82%. (Photo: PTI)

RBI policy to steer markets; rate sensitives stocks, Future Retail in focus

  • The RBI is widely expected to keep key interest rates unchanged and maintain an accomodative stance. Markets will parse the MPC's comments on inflation

MUMBAI: Indian equities on Friday will take cues from the Reserve Bank of India's monetary policy statement, due later today.

The SGX Nifty futures suggest a positive start to domestic benchmark indices. On Thursday the 30-share index Sensex had ended at 40,182.67, gaining 303.72 points or 0.76%. The Nifty had closed at 11,834.60, gaining 95.75 points or 0.82%.

The RBI is widely expected to keep key interest rates unchanged and maintain an accomodative stance. Markets will parse the monetary policy committee's comments on inflation. The new MPC members are likely to a give dovish tilt to the policy.

Rate sensitive stocks such as banks and financials, auto, and realty are likely to be in focus.

Amazon Inc. has approached the Singapore International Arbitration Centre (SIAC), claiming that Future Group has violated the contract under which the US-based e-commerce major took a stake in its subsidiary, and is asking for the deal with Reliance Industries Ltd to buy the Indian firm’s retail assets to be halted.

Tata Sons Ltd may offer as much as $3 billion ( 21,900 crore) to buy a part of the Mistry family’s 18.4% stake in the Tata group holding company, according to a Mint report.

Asian shares were higher on Friday as revived hopes for a US stimulus deal helped investors overlook weaker-than-expected jobs data and the unabated rise in coronavirus cases world over.

In energy markets, oil prices rallied on production shutdowns ahead of a storm in the US Gulf of Mexico and the possibility of supply cuts from Saudi Arabia and Norway.

U.S. President Donald Trump on Thursday said talks with Congress had restarted on targeted fiscal relief, after calling off negotiations earlier this week.

Gold also rose on stimulus hopes, with spot prices up 0.1% at $1,889.50 on Thursday and U.S. gold futures 0.2% higher at $1,895.10.

US 10-year yields dropped to 0.766%, from 0.785% late on Wednesday, while yields on US 30-year bonds fell to 1.569% from 1.589%.

Oil prices pushed higher amid hurricane-related shutdowns and possible OPEC production cuts.

Brent crude settled up $1.35, or 3.2% to $43.34, after falling 1.6% on Wednesday. U.S. West Texas Intermediate (WTI) crude added $1.24 cents, or 3.1%, to $41.19 after falling 1.8% on Wednesday.

The dollar index was little changed against a basket of major currencies after Thursday's session settling at 93.60.

Reuters contributed to the story.

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