Stock indices may open on a flat note tracking mixed trend in Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 2 points at the opening bell. Traders and investors are awaiting the outcome of the Reserve Bank of India's (RBI) monetary policy meeting.
The RBI's Monetary Policy Committee (MPC) meets today, 4 April 2018 and tomorrow, 5 April 2018 for the first bi-monthly monetary policy for 2018-2019. The resolution of the MPC will be announced at 14:30 IST tomorrow, 5 April 2018.
In its last meeting on 7 February 2018, RBI decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6%. Consequently, the reverse repo rate under the LAF remains at 5.75%, and the marginal standing facility (MSF) rate and the bank rate at 6.25%.
Overseas, Asian stocks were trading mixed as investors took a cautious stance following the latest developments in US-China trade tensions. US stocks closed higher yesterday, 3 April 2018 as investors digested a sharp move lower in the previous session and gauged the likelihood of both trade risk and further weakness in technology names.
The US unveiled 25% levies on a range of Chinese imports from high-tech industries like medicine, aviation and semiconductor machinery to intermediate goods like machinery and chemicals.
Back home, key benchmarks registered modest gains after a volatile trading session led by gains in index pivotals ICICI Bank and Reliance Industries. The Sensex rose 115.27 points or 0.35% to settle at 33,370.63, its highest closing level since 15 March 2018.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 376.51 crore yesterday, 3 April 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 479.18 crore yesterday, 3 April 2018, as per provisional data.
Among corporate news, Akzo Nobel India said that its board will meet on 6 April 2018, to consider a proposal to buyback equity shares. The announcement was made after market hours yesterday, 3 April 2018.
AU Small Finance Bank said it entered into agreement with Future Generali India Life Insurance Company to act as corporate agent for life insurance business. This tie up shall be mutually beneficial for bank and Future Generali India Life Insurance Company in terms of business, market penetration and reach. The announcement was made after market hours yesterday, 3 April 2018.
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