SGX Nifty up, Sensex, Nifty can start higher; 5 things to know before opening the bell

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Following announcements by RBI Governor Shaktikanta Das of the GSAP, 10-year bond yields fell about 4bp to 6.08%, the rupee fell nearly 1.5% – its biggest drop in one day since August 2019. Image: Reuters

BSE Sensex and Nifty were expected to open on a positive note Thursday, a day after the Reserve Bank of India announced the Monetary Policy Committee’s decision. In the previous session, markets applauded RBI’s policy as investor sentiment remained bullish. The Sensex rose 460.37 points (0.94%) to close at 49,661.76 while the Nifty jumped 135.55 points (0.92%) to close at 14,819.05. Following announcements by RBI Governor Shaktikanta Das of GSAP, 10-year bond yields fell about 4 basis points to 6.08%, the rupee fell nearly 1.5% – its highest ever one-day decline since August 2019 to end at 74.56 the lowest in more than four months due to the same reason of maintaining easy monetary policy and an accommodative stance, said Deepak Jasani, head of retail research at HDFC Securities.

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SGX Nifty in green: The crafty futures were trading nearly half a percent or 60 points higher at 14,923.50 on the Singapore Stock Exchange, pointing to a positive start for BSE Sensex and Nifty 50.

RBI maintains the status quo: The Reserve Bank of India on Wednesday announced the monetary policy decision, keeping the pension rate unchanged at 4 percent. It was the fifth consecutive MPC where the RBI kept interest rates unchanged and maintained an accommodative stance.

FII and DII activityOn Wednesday, foreign institutional investors (FII) registered shares worth Rs 227.42 crore, while domestic institutional investors (DII) bought shares worth Rs 381.08 crore on a basis net in the spot market, according to provisional data available on the NSE.

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Global watch: Asian stock markets traded mixed at the start of trading on Wednesday, following Wall Street. Japan’s Nikkei 225 slipped 0.34% while the Topix index fell 0.69%. The Shanghai composite fell 0.26%. In overnight trading on Wall Street, the Dow Jones Industrial Average rose 0.05%, the S&P 500 by 0.15%, while the Nasdaq Composite fell 0.07%.

Clever support, resistance levels: Nifty’s short term trend is positive with beach linked action. “The market is now placed near the ‘make or break’ – a crucial 14,900 level area. The short-term chart pattern indicates minor intraday weakness or a consolidation move around 14,880 levels before showing a lasting upside breakout in the short term. Immediate support is placed at 14730, ”said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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