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Market may resume gains
04-Apr-19   07:58 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 25.50 points at the opening bell as global shares continue to be positive.

The outcome of the Reserve Bank of India's (RBI) first bi-monthly monetary policy meeting will be keenly monitored. The resolution of RBI's two-day Monetary Policy Committee (MPC) meeting, which kicked off on 2 April 2019, will be announced at 11.45 IST today, 4 April 2019.

In its previous meeting on 7 February 2019, MPC decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5% to 6.25% with immediate effect. Consequently, the reverse repo rate under the LAF stands adjusted to 6%, and the marginal standing facility (MSF) rate and the Bank Rate to 6.5%. The MPC also decided to change the monetary policy stance from calibrated tightening to neutral.

Overseas, shares in Asia were trading higher on Thursday as hopes rise amid ongoing negotiations on the US-China trade front.

High-level trade negotiations between China and the US resumed on Wednesday in Washington. Hopes were high that both countries were closer to a deal, with US President Donald Trump planning to meet with Chinese Vice Premier Liu He on Thursday in Washington. White House economic advisor Larry Kudlow told the media Wednesday that China has acknowledged for the first time that the United States has legitimate gripes about IP theft, forced technology transfer and cyber hacking.

US stock closed higher Wednesday as investors reacted to upbeat comments on US-China trade talks, but weighed a shaky private-sector employment report. Payroll services firm ADP estimated that the US private sector added 129,000 jobs in March, the weakest reading in 18 months.

Among other data, Markit's March services purchasing managers index came in at 55.3. A reading of at least 50 indicates improving conditions, while those below that level denote contraction. Further, the Institute for Supply Management's services sector gauge fell to 56.1% in March, down from 59.7% in February.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,040.48 crore on 3 April 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 80.83 crore on 3 April 2019, as per provisional data.

Key equity indices edged lower yesterday, 3 April 2019, on profit booking after four-day gains. The Sensex ended below 39,000 mark and the Nifty ended below 11,700 mark. The barometer index, the S&P BSE Sensex, fell 179.53 points or 0.46% to 38,877.12. The Nifty 50 index fell 69.25 points or 0.59% to 11,643.95.

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