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What will steer the market today: US-China talk, Rupee movement are the key things to watch out for

Monika Yadav
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The Indian headline indices- Sensex and Nifty, opened positive on Friday morning, tracking positive global cues and a day after RBI announced a policy rate cut on Thursday. SGX Nifty was last seen trading at 11,697 level, 12 points higher than the previous close. Yesterday the Sensex, Nifty turned volatile after the RBI announced a repo rate cut by 25 basis points to 6%. The market participants were expecting a more dovish policy. Yesterday, while the Sensex ended 192 points lower at 38,685 and Nifty ended at 10,598 level. We take a look at the key factors which would steer the Sensex, Nifty today:

US-China talk: Two superpower economies the US and China are on the verge of ending their standoff relating to trade policy which began last year. Yesterday, the US President Donald Trump said on Thursday trade talks with China were going well and he would only accept a great deal as negotiators hammered out differences ahead of a meeting between Trump and China s vice premier later in the day, Siddhartha Khemka, Vice President, Head of Research, Motilal Oswal Financial Services, told Financial Express Online.

Rupee movement: After the announcement of RBI policy on Thursday, the rupee plunged to 69.17. There was a major concern in the market that the USDINR spiked 73 paise to close at 69.16, as per market experts.

FII flows: The foreign institutional investors were net sellers in the last two trading sessions. However, there has been a strong inflow of Foreign institutional investors (FIIs) in the last two months ahead of general elections as the investors are hoping that the Modi-government will come back to power this year. The foreign investors poured in around Rs 34,000 crore into the domestic equity markets in March.

Skymet monsoon prediction: Private weather forecaster Skymet on Wednesday predicted below-normal monsoon this year from June to September on account of developing El Nino phenomenon which can cause drought in many regions like India, Australia and Southeast Asia while impacting other parts also.