The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is scheduled to announce its bi-monthly policy review at 10:00 IST today, 6 August 2021 at the end of the three-day meeting held from August 4 to August 6. As per reports, the RBI is likely to maintain the status quo on interest rates. The MPC, a six-member team headed by RBI governor Shaktikanta Das, had left the rates unchanged last time, citing concerns about inflation.
SGX Nifty:
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 11 points at the opening bell.
Global markets:
Overseas, Asian stocks are trading lower on Friday as investors await the release of a closely watched US jobs report.
The major U.S. equity indexes rose Thursday and the S&P 500 set a new record closing high as energy and travel stocks bounced back ahead of a key labor market report.
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The number of Americans filing new claims for unemployment benefits declined further last week. Initial claims for state unemployment benefits fell 14,000 to a seasonally adjusted 385,000 for the week ended July 31. The claims data was the last reading before the key July jobs report, which will be released on Friday morning. The jobs report is expected to be a key data point for the Federal Reserve as it considers when to tighten monetary policy.
A surge in imports of industrial supplies drove the US trade deficit to a record in June. The trade gap widened by $4.6 billion to $75.7 billion, a nearly 7% increase compared to May, the Commerce Department reported. Imports of goods and services jumped $6 billion, most of which was accounted for by the rise in industrial materials and supplies such as iron, steel and chemicals, as well as a $1.2 billion increase in non-monetary gold.
Domestic markets:
Back home, the main indices rose for fourth consecutive trading session and registered another record closing high on Thursday. The barometer index, the S&P BSE Sensex, gained 123.07 points or 0.23% at 54,492.84. The Nifty 50 index rose 35.8 points or 0.22% at 16,294.60.
Foreign portfolio investors (FPIs) sold shares worth Rs 719.88 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 731.92 crore in the Indian equity market on 5 August, provisional data showed.
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