Nifty, Sensex opened flat ahead of RBI policy announcements

Indian stock markets opened on a cautious note on Wednesday as investors awaited the policy announcement by Reserve Bank of India RBI Governor Sanjay MalhotraThe Nifty 50 index opened at 2462055 gaining 945 points or 004 per cent while the BSE Sensex opened at 8017324 recording a marginal decline of 9438 points or 012 per centMarket experts said investors were largely in a waitandwatch mode ahead of the outcome of the RBIs Monetary Policy Committee MPC meeting In recent sessions volatility has remained high with indices swinging between gains and losses amid tariffrelated pressuresVikram Kasat Head of Advisory at PL Capital noted Indian equity markets remained largely rangebound yesterday Market volatility was elevated with indices oscillating between gains and losses as participants adopted a waitandwatch approach ahead of the Reserve Bank of Indias Monetary Policy Committee MPC meeting In commodities silver stood out reaching a record Rs 151 lakhkg in India Globally it gained 182 per cent over the month supported by strong industrial demand a weaker dollar and safehaven buying With yeartodate returns of 37 per cent on MCX Comex silver appears poised to test USD 50oz in the near termIn the broader market indices on NSE the Nifty 100 opened with gains of 013 per cent Nifty Smallcap 100 rose by 021 per cent while Nifty Midcap 100 gained 042 per centOn the sectoral front barring Nifty IT all indices were trading in the green Nifty Pharma and Nifty Auto were leading the gains with Pharma up by more than 1 per cent Nifty Media also surged around 1 per centOn the currency front concerns remain over the Indian RupeeK N Dey a currency expert said The geopolitical issues are not favorable our trade team has returned from US with not so official positive news Russia is gearing up for a possible NATO conflict inflows in our markets are drying up etc Based on the above the chances of Rupee going further weaker is possible And if there is a rate cut today it would be more negative on the Rupee According to RBI data the Indian Rupee stood at INR 887923 against the US DollarGold prices also surged to record levels supported by global uncertaintyManav Modi Analyst Precious Metals Research Motilal Oswal Financial Services said Gold hit a record high as investors turned to safehaven assets on growing risks of a US government shutdown while weak labour data strengthened expectations of further interest rate cuts by the Federal Reserve Gold is benefiting from concerns over a weaker dollar and political situation with standoff about a government shutdown in the US and also general geopolitical uncertaintyIn Asian markets sentiment was largely positive Except Japans Nikkei 225 which declined more than 1 per cent all other major indices were trading with gains Taiwans Weighted Index was up 092 per cent Hong Kongs Hang Seng rose 087 per cent and South Koreas KOSPI climbed 065 per centThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever