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Market trades flat as RBI policy meet concerns loom

Market trades flat as RBI policy meet concerns loom

Market trades flat as RBI policy meet concerns loom
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By CNBC-TV18 Jun 6, 2018 9:40:45 AM IST (Updated)

Market check:

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The market is trading flat with the BSE Sensex trading at 34,957 points and the NSE Nifty trading at 10,606 points. (as of 09:40 am)

Opening Bell
Market recovers slightly in the opening, flat-to-positive, Capital First surges 2%.
The market has recovered slightly, flat to positive bias,  in the opening trade with the BSE Sensex at 34,932 points and the NSE Nifty at 10,602 points on the back of global cues.
The market did not surge in trade as the RBI policy meet concerns loom. Among stocks, Capital First gained more than 2% in the opening trade after the announcement that the merger deal with IDFC Bank got a 'no objection' from the RBI. Zee Entertainment, Cipla, Idea Cellular, Asian Paints and Grasim are the top index losers of the hour while HCL Tech, Bajaj finance stocks, BPCL and Sun Pharma are the current top gainers.
 
How was the market expected to open?
The market is expected to open slightly in the green due to the strong global cues but the decision of the Reserve Bank of India (RBI) policy meet may keep the market in check.
Though the experts expect the central bank to maintain status quo on repo rate, they predict a rate hike in this calendar year, suggested CNBC-TV18.
On the global front, the Asian stocks edged up on Wednesday after tech sector strength lifted Wall Street shares, while concerns about Italy's debt prompted investors to move into lower-risk government debt elsewhere, pushing US Treasury yields down from recent highs.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1%, while Japan's Nikkei edged down 0.1%. Australian stocks rose 0.3%.
The SGX Nifty is trading slightly higher at levels around 10,586 points as against the Nifty June's Future close of 10,575 points, indicating that the Indian market will recover slightly from its lows.
The Indian market on Tuesday fell for the third day in a row despite strong global cues as the RBI policy meet outcome concerns loom.
The Nifty failed to hold on to 10,600 levels. The Index, which comprises of fifty stocks, closed with a fall of 35 points at 10,593 and the Sensex slipped 109 points to 34,903.
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