NSE on Thursday launched Nifty Bharat Bond Index series, which will track a portfolio of AAA-rated bonds issued by government entities
BS Web Team | New Delhi Last Updated at December 6, 2019 08:04 IST
The RBI’s Monetary Policy Committee surprised the street yesterday after voting unanimously to keep the policy repo rate unchanged at 5.15 per cent. The central bank also lowered sharply its FY20 GDP forecast to 5 per cent from 6.1 per cent. The domestic market declined after the RBI’s decision as investors worried over economic growth. The sentiment may continue in today’s session.
Investors will also take note of the oil prices which were trading near a two-month high after OPEC agreed to increase output curbs by nearly 50 per cent in early 2020. Brent futures were up 1 cent at $63.40.
Besides, market participants will look at stock-specific action, foreign fund flows, movement of rupee against the US dollar, and other global factors for further cues.
In a crucial development yesterday, the NSE on Thursday launched Nifty Bharat Bond Index series, which will track a portfolio of AAA-rated bonds issued by government entities. The first two indices in the series are for April 2023 and April 2030.
In stock-specific news, global rating agency Moody’s has downgraded Yes Bank’s long-term foreign currency rating from “Ba3” to “B2” over additional risks to its standalone credit profile from potentially stressed assets and low loss-absorbing buffers.
Globally, Wall Street eked out slight gains on Thursday. The Dow Jones Industrial Average and the S&P 500 closed 0.5 per cent higher each, and the Nasdaq Composite added 0.05 per cent.
Asian stocks held firm on Friday. Japan’s Nikkei rose 0.28 per cent and MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent.