Markets in the United States remained cautious, closing on a mixed and muted note overnight as investors await retail inflation data scheduled for release later today. The data is expected to provide clarity on the Federal Reserve’s policy path ahead of its rate-setting meeting later this month.
Meanwhile, Indian markets found support from domestic investors, even as foreign portfolio investors continued profit booking on equity gains. The trend is likely to persist as investors focus on third-quarter corporate earnings for economic direction, while anticipating Budget 2025 and the Reserve Bank of India’s (RBI) monetary policy meeting next month.
GIFT Nifty was trading at 23,306.00, up by 3.00 points or 0.01%.
- Today’s Low: 23,282.50
- Today’s High: 23,317.00
- Open: 23,304.00
- Previous Close: 23,303.00
Institutional activity
On Tuesday, foreign institutional investors net sold Indian equities worth Rs 8,132.26 crore, while domestic institutional investors net bought shares worth Rs 7,901.06 crore.
RBI’s forex intervention stance
Speculation around a change in the RBI’s foreign exchange intervention policy has been addressed, with sources indicating that the central bank’s stance remains unchanged. The RBI continues to intervene to curb excessive volatility without targeting specific exchange rate levels.
Changes in RBI leadership portfolios
Following Michael Patra’s departure from office, the RBI has redistributed the portfolios of its deputy governors. Deputy Governor M Rajeshwar Rao, responsible for banking regulation, has been allocated the monetary policy department and the department of economic and policy research. These portfolios were previously under Patra. Other deputy governors have been assigned the remaining responsibilities from Patra’s portfolio.
