Stock Market Today: The SGX Nifty is up 35 points and is currently trading modestly in the green. The BSE Sensex and NSE Nifty domestic equity indices are off to a sluggish start, according to Nifty futures on the Singaporean market, which are trading at a level of 17,720. The markets continued to rise on Monday, extending their winning streak to six days. The Nifty rose 24 points to close at 17,624 (above 17,600), while the Sensex finished unchanged with marginal gains of 14 points. “When the RBI decided to maintain rates at their current level and after positive revisions to the GDP and inflation estimates, sentiments in the domestic market brightened.
Asia stocks rise on hopes regional central banks hold steady on rates
Investor confidence that the region’s central banks will continue to pause or end interest rate hike cycles, regardless of what the U.S. Federal Reserve does, helped Asia’s stocks post gains on Tuesday. As trading resumed following a lengthy holiday weekend in many important Asian markets, MSCI’s broadest index of Asia-Pacific equities outside of Japan increased 0.6%.
Interest rates were kept unchanged by South Korea’s central bank on Tuesday morning as was predicted. According to Gary Ng, senior economist at Natixis Corporate and Investment Bank, Asian economies are less likely to raise interest rates because they are more determined to maintain growth than they are to control inflation, which is a major concern in the U.S. and Europe.
Bank of Korea stands pat for second straight time, as expected
As anticipated, the central bank of South Korea held interest rates constant on Tuesday for a second consecutive meeting, stating that inflation remained the primary policy goal despite the fact that economic growth would probably fall short of expectations.
According to the Bank of Korea, the seven-member monetary policy board decided to maintain the base rate at 3.50%, as it had done on February 23.
In a statement, it predicted that this year’s economic growth would fall further to 1.6% from 2.6% in 2018, but it also stated that because inflation was still running well above its objective, it would continue to tighten monetary policy.
Gold falls below $2,000 as U.S. jobs growth lifts dollar
As the dollar strengthened following Friday’s strong U.S. jobs report, gold fell below the important $2,000 level on Monday. At the same time, traders prepared for this week’s inflation readings that may affect interest rate increases.
By 12:40 p.m. EDT (1640 GMT), spot gold was down 1% to $1,987.96 per ounce, while U.S. gold futures were down 1.2% to $2,002.90.
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