The US markets ended in the green overnight for the second straight session. Back home, both Sensex and Nifty ended the session largely flat. Nifty ended flat at 21,930, while the Sensex ended 34 points lower at 72,152. The Indian markets today will focus on the important RBI monetary policy outcome. Most economists believe that the central bank is unlikely to make any fresh announcements in the policy today.
“Overall market remained on the side-lines ahead of the RBI policy meeting outcome on Thursday. On the economic front, US Retail Sales data and China’s CPI data will be released late today. Investors would continue to take cues from the earning season. Insurance giant LIC will announce results on Thursday where new business premium growth is expected to remain healthy,” said Siddhartha Khemka of Motilal Oswal Financial Services.
On the technical front, Sheersham Gupta, Technical Analyst at Rupeezy, said “The short-term trend is still on the upside as Nifty has been forming higher highs and higher lows on the 30-minute timeframe. The call option premiums at the ATM are significantly higher than the put option premiums for the weekly expiry. With supportive global cues and fall in the Dollar Index, an upmove from here is more likely.”
Foreign Institutional Investors on Wednesday broke their 3 day buying streak as they sold shares worth Rs 1,691 crore in the cash markets. On the other hand, flows from DIIs turned positive as they added shares worth Rs 327.73 crore, provisional data from exchanges showed.
Top stocks to watch today are Tata Consumer Products, Lupin, Mankind Pharma, SJVN.
