Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 17.50 points at the opening bell, mirroring mixed cues from Asian market.
Investors may remain cautious ahead of the central bank's policy decision later today. The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) began the second bi-monthly monetary policy meeting on Monday, 4 June 2018. The resolution of the MPC will be unveiled at 14:30 IST today, 6 June 2018.
Overseas, Asian stocks were mixed as investors digested trade-related developments and the mixed close on Wall Street. Markets in South Korea were closed on Wednesday.
Media reports suggested that China would buy nearly $70 billion worth of US agriculture and energy products if the Trump administration steps back from tariffs. The US-China talks focused on reducing the United States' $375.20 billion trade deficit with China by facilitating the supply of agricultural and energy products to meet China's growing consumption needs.
In US, the Nasdaq Composite Index registered its second record close in a row Tuesday on the back of a rally in the shares of technology and internet giants. However, the Dow lagged as the stocks of slumping financials and consumer-staples weighed on the blue-chip gauge.
On the data front, the Markit services purchasing managers index for the US in May rose to 56.8 from 54.6. The Institute for Supply Management services index rose to 58.6 in May from 56.8, while a reading of job openings rose to a fresh record in April, reaching 6.7 million after 6.63 million in March.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 157.51 crore yesterday, 5 June 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 474.33 crore yesterday, 5 June 2018, as per provisional data.
Domestic stocks ended a volatile session of trade with modest losses yesterday, 5 June 2018. The barometer index, the S&P BSE Sensex, fell 108.68 points or 0.31% to settle at 34,903.21. The Nifty 50 index fell 35.35 points or 0.33% to settle at 10,593.15.
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