The Indian stock market opened in green mark on Wednesday (June 4) amidst the rise in Asian markets. Shopping in auto, pharmaceuticals and PSU bank shares promoted the market. The BSE Sensex index rose 175 points or 0.22 per cent to closure at 80,913, while the Nifty also increased by 48 points or 0.19 per cent to close at 24,590. The comprehensive Nifty Midcap index and the Nifty Smallcap index rose by 0.2 per cent. Today, the attention of investors in the domestic stock market will be on the Monetary Policy Committee (MPC) meeting of the Reserve Bank of India (RBI) starting today. Apart from this, May Services from India and America will decide PMI data, signal from global markets, perception of foreign investors benchmark indices Sensex and Nifty.
RBI MPC meeting: meeting starts today
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) will meet on Wednesday (June 4). The policy decision will be announced on Friday (6 June). According to the Business Standard Poll, the Reserve Bank of India (RBI )’s six -member monetary policy committee (MPC) can reduce the repo rate by cutting 25 basis points by 5.75 percent. Nine out of ten people participating in the pole have predicted the move. However, State Bank of India (SBI) has made a more aggressive forecast expecting a 50 basis points rate deduction.
What are the indications from global markets?
Asian markets rose on Wednesday. The Asian markets also strengthened due to the boom in Wall Street. This was due to a boom in shares of chip manufacturers such as tech shares, especially NVidia. Nvidia rose by nearly 3 percent as compared to Monday’s lead and it left Microsoft behind for some time and won the world’s most valuable company in terms of market capitalization. Broadcom and Micron Technology rose by 3 percent and more than 4 percent respectively. Meanwhile, on Tuesday, S&P 500 index increased by 0.58 percent, Dow Jones 0.51 percent and Nasdaq by 0.81 percent.
South Korea took a regional lead when the market re-opened up after opposition leader Lee J-Mang’s presidential election. Kospi rose by 1.85 percent to 10 months high. Nikkei increased by 0.94 percent. While the topics increased by 0.43 percent. ASX 200 increased by 0.70 percent on the country’s first quarter GDP (GDP) figures. Economists surveyed by Reuters estimate that GDP growth in the first quarter would be 1.5 percent, which was 1.3 percent in the previous quarter.
FII sold shares worth ₹ 2,589 crore on Tuesday.
Foreign investors (FIIs) sold shares worth ₹ 2,589.47 crore on 2 June. Similarly, domestic institutional investors (DIIs) bought shares worth ₹ 5,313.76 crore on 2 June.
