Nifty, Sensex Open Lower On Caution Ahead Of MPC Decision

Share indices in the Asia-Pacific region were trading lower, tracking overnight losses on Wall Street amid rate-cut uncertainty and a sharp rise in crude oil prices.

The Nikkei 225 was trading 1.76% lower at 39,074.11, and the S&P ASX 200 was trading 0.44% down at 7,782.60 as of 6:24 a.m.

Financial markets in Mainland China and Taiwan are closed for Qingming Festival on Friday.

On Wall Street, stocks gave up early gains to end lower as investors shifted their focus to the release of U.S. non-farm payroll data later today. The S&P 500 index and Nasdaq Composite ended 1.23% and 1.40% down, respectively, on Thursday. The Dow Jones Industrial Average settled 1.36% lower.

Brent crude was trading 0.47% higher at $91.12 a barrel. Gold was down 0.27% to $2,284.73 per ounce.

The GIFT nifty was trading 3.5 points, or 0.02%, lower at 22,567.00 as of 06:56 a.m.

India’s benchmark equity indices snapped a two-day losing streak to close at a record high on Thursday amid gains in global markets after US Federal Reserve Chair Jerome Powell restored hopes of rate cuts this year.

The NSE Nifty 50 closed 80 points, or 0.36%, higher at 22,514.65 and the S&P BSE Sensex closed 350.81 points, or 0.47%, higher at 74,227.63.

Overseas investors remained net sellers of Indian equities for the fourth consecutive session on Thursday.

Foreign portfolio investors offloaded stocks worth Rs 1,136.5 crore, while domestic institutional investors turned net sellers and sold equities worth Rs 893.1 crore, the NSE data showed.

The Indian rupee weakened by 2 paise to close at Rs 83.45 against the U.S. dollar.