Stock Market Live: SGX Nifty Recover Ahead Of Unscheduled RBI Governor Speech; Tata Steel In Focus

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RBI Governor Speech In Focus For Rupee, Bond Traders

An unscheduled speech by the Reserve Bank of India Governor will be the focus for bond and rupee traders amid forecasts that the nation’s death toll from the coronavirus could worsen in the coming weeks.

  • The address will be broadcast at 10 a.m. local time, the RBI said on Twitter, without providing further details
  • Bond traders will also watch if the RBI indirectly steps in to buy bills at an auction later on Wednesday after purchasing in the previous two weeks

Also Read: India’s Currency Market Roiled as Banks Protect Dollar Assets

SGX Nifty Recover Ahead Of Unscheduled RBI Governor Speech

Good Morning!

U.S. equity futures and Asian stocks were steady Wednesday after a selloff in technology shares amid comments from Treasury Secretary Janet Yellen on interest rates that rattled markets. The dollar held gains.

S&P 500 contracts were little changed following a climb in commodity, financial and industrial sectors that helped the gauge pare losses. Holidays in key markets including Japan, China and South Korea will limit trade in Asian hours.

The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.4% to 14,593 as of 7:45 a.m after the news of an unscheduled speech from the RBI Governor in a few hours.

Commodities rallied to the highest in almost a decade as a rebound from the pandemic in the world’s largest economies stokes demand for metals, food and energy. Treasury futures were steady, with cash markets closed in Asia.

Oil extended a rally amid declining U.S. stockpiles and reopening drives in the U.S. and Europe.

Back home, Adani Ports, RBL Bank, L&T Infotech, Adani Total, P&G Hygiene may react as the companies reported quarterly results after the market closed Tuesday. Tata Steel, Ceat, SRF, Adani Enterprises, Adani Green are among the companies scheduled to report earnings Wednesday. Foreign investors sold net Rs 1,670 crore of stocks on Monday, according to NSDL website.

Also Read: All You Need To Know Going Into Trade On May 5

. Read more on Markets by BloombergQuint.

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