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SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 38 points at the opening bell. The Reserve Bank of India (RBI) monetary policy is awaited. The six-member Monetary Policy Committee (MPC) of the central bank will make the interest rate decision today after a three-day meeting that began on October 6. As per reports, the MPC is likely to keep rates unchanged. Fitch Ratings has cut India's economic growth forecast to 8.7% for the current fiscal but raised GDP growth projection for FY23 to 10%, saying the second COVID-19 wave delayed rather than derail the economic recovery. In its APAC Sovereign Credit Overview, Fitch Ratings said India's 'BBB-/Negative' sovereign rating balances a still-strong medium-term growth outlook and external resilience from solid foreign- reserve buffers, against high public debt, a weak financial sector and some lagging structural factors. Among stocks, IT major TCS will announce its Q2 results today, 8 October 2021. Infosys will announce Q2 results on 13 October 2021. Global markets: Overseas, Asian stocks are trading higher as markets on Wall Street rallied, while investors also eyed key US jobs data for any fresh insight into the timing of Federal Reserve tapering. Chinese stocks jumped on the first day of trade after a week-long holiday. Activity in China's services sector returned to growth in September as a major COVID-19 outbreak in the eastern province of Jiangsu receded, a private-sector survey showed on October 8. The Caixin/Markit services Purchasing Managers' Index (PMI) rose to 53.4 from 46.7 in August. US stocks rallied on Thursday as Senate leaders moved to avert a US debt default. Senate Majority Leader Chuck Schumer announced Thursday that lawmakers have reached a deal on a short-term debt ceiling increase after hours of discussion with Minority Leader Mitch McConnell. Markets will look ahead to Friday's key September jobs report as the Federal Reserve prepares to slow its $120 billion-per-month bond-buying program. Domestic markets: Back home, the domestic equity indices settled with significant gains on Thursday. Positive global cues and robust quarterly business updates by domestic firms supported buying. The barometer index, the S&P BSE Sensex, surged 488.10 points or 0.82% to 59,677,83. The Nifty 50 index added 144.35 points or 0.82% to 17,790.35. Foreign portfolio investors (FPIs) sold shares worth Rs 1,764.25 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,528.64 crore in the Indian equity market on 7 October, provisional data showed. Powered by Capital Market - Live News |