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Market Commentary - Pre Session
RBI monetary policy to dictate market trend
(05 Dec 2019, 08:03)

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 25 points at the opening bell.

The Reserve Bank of India (RBI)'s monetary policy outcome is due today, 5 December 2019. Investors are hoping for a 25 basis points rate cut.

Overseas, Asian stocks were trading higher on Thursday on signs the United States and China were on track for a preliminary trade deal.

In US, stocks closed higher following a report that a phase-one trade US-China trade deal was still in the works.

On economic front, a reading on the service sector of the US economy was mixed: the Institute for Supply Management's nonmanufacturing index was at 53.9%, lower than in October, but new orders were at 57.1%, up from 55.6% and signalling stronger demand ahead.

Back home, the domestic equity market ended with decent gains on Wednesday. Shares rebounded on report that the United States and China were moving closer to agreeing on the amount of tariffs to be rolled back in a phase-one trade deal. The barometer index, the BSE Sensex, rose 174.84 points or 0.43% to 40,850.29. The Nifty 50 index rose 49 points or 0.41% to 12,043.20.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 781.06 crore yesterday, 4 December 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 904.13 crore, yesterday, 4 December 2019, as per provisional data.

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