Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in green on Wednesday ahead of the RBI monetary policy. While Nifty50 was above 24,600, BSE Sensex was up over 50 points. At 9:16 AM, Nifty50 was trading at 24,625.00, up 14 points or 0.056%. BSE Sensex was at 80,327.86, up 60 points or 0.075%.Market experts anticipate sideways movement, influenced by global indicators, economic statistics and the central bank’s policy announcement, where rates are expected to remain unchanged.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The focus of the market today will be on the monetary policy, particularly the language and message of the policy and comments from the RBI Governor. Banking stocks will be the focus of attention since a rate cut at this juncture will impact their NIMs and will impact the stock prices. A pause by the MPC – the most likely scenario- will impart resilience to the banking stocks.”“The weakness and drift in the market continue led by the sustained selling by FIIs. The near-term may turn out to be frustrating for investors. Experience tells us that such frustrating times are ideal for long-term investment. Systematic investment in high quality largecaps should be the strategy now and patience will be the key to long-term wealth creation.”US stock markets finished Tuesday’s volatile session higher, recording gains for both month and quarter, despite investor concerns about an impending government shutdown that could delay essential economic data and affect Federal Reserve’s rate decisions.Asian indices opened lower, with Chinese and Hong Kong markets closed for holidays. Treasury yields remained stable, with 10-year rates at 4.15%.Gold prices moved upwards on Wednesday, remaining close to their peak as the possibility of a US government shutdown increased, driving investors towards safe assets. Additionally, poor US employment figures strengthened predictions of upcoming Federal Reserve interest rate reductions.Oil prices stabilised during early Wednesday trading following two days of decline, as market participants assessed potential OPEC+ increased production plans for the next month against decreasing US stockpiles.Foreign portfolio investors sold shares worth Rs 2,327 crore net on Tuesday. Domestic institutional investors purchased Rs 5,762 crore net.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
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