Sensex, Nifty May Follow Global Peers Higher

(RTTNews) - Indian shares may open on a positive note Wednesday, tracking firm cues from global markets and ahead of weekly options expiry and the RBI's rate decision due this week.

The Reserve Bank of India (RBI) began its three-day Monetary Policy Committee (MPC) meeting on Tuesday, with many expecting a status quo on rates in view of high inflation prevailing in the country.

"The first repo rate cut could be on the table from June 2024. "Aug'24 looks the best bet now…." SBI Research said in a report.

Benchmark indexes Sensex and Nifty rose 0.6 percent and 0.7 percent, respectively on Tuesday while the rupee ended flat at 83.055 against the dollar.

Asian markets traded higher this morning as investors waited for concrete measures from Beijing to prop up its sagging equity markets.

Gold held steady while the dollar and yields dipped amid cautious optimism regarding U.S. economy's trajectory.

Oil edged up after the U.S. Energy Information Administration (EIA) said it expects U.S. output to remain largely steady through 2025, easing worries of excess supply.

U.S. stocks eked out modest gains overnight as investors digested the latest batch of earnings and comments from a slew of Fed officials.

The Dow edged up 0.4 percent, the S&P 500 inched up 0.2 percent and the tech-heavy Nasdaq Composite finished marginally higher.

European stocks closed on a firm note Tuesday as new regional data suggested that economic headwinds in Europe may not be as bad as feared.

The pan European STOXX 600 climbed 0.6 percent. The German DAX gained 0.8 percent, France's CAC 40 added 0.7 percent and the U.K.'s FTSE 100 advanced 0.9 percent.