Sensex, Nifty To See Cautious Start Ahead Of RBI Rate Decision

Indian shares look set to open on a cautious note Thursday as investors await RBI rate decision.

After a three-day policy meeting, the central bank is expected to change its monetary policy stance to “neutral” from “calibrated tightening”.

While there is room to cut rates, fiscal challenges and rising crude oil prices may prevent RBI from being too dovish.

Disappointing earnings updates from the likes of JSW Steel, Cipla, Lupin, Vodafone Idea and Adani Power may also keep underlying sentiment cautious.

Benchmark indexes Sensex and the Nifty rose around 1 percent on Wednesday to extend gains for a fifth straight session while the rupee ended flat at 71.56 against the dollar.

Asian stocks are trading mixed this morning amid little economic news and holidays in China and Hong Kong for Lunar New Year. The dollar held firm while oil prices dipped on data showing a rise in U.S. crude inventories.

U.S. stocks fell in thin trading overnight to snap a five-session winning streak, with disappointing forecasts from videogame makers and President Trump’s tough talk on immigration weighing on markets.

The Dow slipped 0.1 percent, the tech-heavy Nasdaq Composite dropped 0.4 percent and the S&P 500 shed 0.2 percent.

European markets struggled to find direction on Wednesday as investors reacted to the latest batch of quarterly earnings reports and weak economic data from Germany.

The pan European Stoxx 600 rose ended up 0.2 percent. The German DAX declined 0.4 percent, while France’s CAC 40 index and the U.K.’s FTSE 100 slipped around 0.1 percent.

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