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Sensex, Nifty Seen Opening Up Before RBI Policy Decision

(RTTNews) - Indian shares look set to open a tad higher on Thursday as investors await the outcome of Reserve Bank of India's bi-monthly policy meeting later today.

Economists expect a rate cut of at least 25 basis points based on a lower inflation rate as well as subdued domestic economic growth.

Asian Development Bank has lowered India's GDP growth forecast for 2019-20 to 7.2 percent from 7.6 percent estimated earlier, citing moderation in global demand and likely shortfall in revenue.

Benchmark indexes Sensex and the Nifty gave up early gains to end down about half a percent on Wednesday after private weather agency Skymet forecast a below-normal monsoon this year. The rupee ended at an eight-month high of 68.43 a dollar.

Asian markets are trading mixed this morning as investors awaited further news from U.S.-China trade negotiations.

The U.S. dollar edged lower against key rivals while Brent crude futures dipped below the psychologically important $70 level on data showing a surprise build in U.S. inventories.

U.S. stocks rose overnight after White House economic adviser Larry Kudlow said the U.S. and China hope to get closer to a trade deal this week.

The upside remained capped as services and private payrolls data added to recent worries about slowing growth.

The Dow inched up 0.2 percent, while the tech-heavy Nasdaq Composite gained 0.6 percent and the S&P 500 added 0.2 percent to reach their best closing levels in about six months.

European markets advanced on Wednesday as hopes for a U.S.-china trade deal outweighed some disappointing economic data out of the U.S. and Europe.

The pan European Stoxx 600 climbed 1 percent. The German DAX rallied 1.7 percent, France's CAC 40 index gained 0.8 percent and the U.K.'s FTSE 100 added 0.4 percent.
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