Nifty Set To Open Higher Ahead Of RBI's Monetary Policy Review

The Indian equity benchmarks are set to open higher ahead of Reserve Bank of India's monetary policy review as indicated by the Nifty futures traded on the Singapore Exchange. The SGX Nifty futures rose 0.44 per cent to 14,961. Meanwhile, other Asian markets were also trading higher with Japan's Nikkei up 1.37 per cent, Hong Kong's Hang Seng rising 1.4 per cent and Taiwan Weighed up 0.8 per cent.

Overnight, stock markets fought for a fourth day of gains as a near one-year oil price high, a revitalised dollar and rising bond yields turned attention to inflation and normalising economies.

With an easing of the WallStreetBets/Reddit retail trading tumult, markets were back in their comfort zone of corporate earnings, economic data and central bank meetings.

Oil was approaching $60 a barrel on Thursday after OPEC and its allies extended production cuts. London, Frankfurt and Paris share indexes edged 0.1%-0.5% higher, helped by more German stimulus and as the dollar's renewed swagger pushed the euro back under $1.20.

Back home, RBI Governor Shaktikanta Das-led Monetary Policy Committee (MPC) will announce its policy decision on Friday, at the end of a scheduled review that began on Wednesday. This is the first meeting of the six-member MPC after Budget 2021. The Reserve Bank has slashed its key lending rate i.e. repo rate by 115 basis points since March 2020 to cushion the economy from the shock of coronavirus crisis.

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