10 things you need to know before the opening bell

SUMMARY

The Indian market is likely to open little changed on Wednesday as investor await the outcome of the Reserve Bank of India’s monetary policy meeting on Thursday. According to a CNBC-TV18 poll, RBI is expected to cut the key repo rate by 25 basis points. India's manufacturing growth fell to a six-month low in March due to weak demand. At 07:20 AM, the SGX Nifty, an early indicator of the Nifty 50's trend in India, was up 0.08 percent at 11,797.00, indicating a mixed start for the Sensex and Nifty.

By CNBC-TV18Apr 3, 2019 7:31:32 AM IST (Published)

1. Asia: Asian shares hovered near seven-month highs early on Wednesday as global investors paused for breath after the strong rally seen earlier this week, while oil approached the key $70 per barrel mark. MSCI's broadest index of Asia-Pacific shares outside Japan was up less than 0.1 percent early in the Asian trading day. (Reuters)

2. Wall Street: On Tuesday, the Dow Jones Industrial Average fell 0.3 percent to 26,179.13 points, the S&P 500 was flat and the Nasdaq Composite added 0.25 percent to 7,848.69. (Reuters)

3. Oil: Oil prices also stood near multi-month highs amid concerns over supply, with Brent crude up 0.45 percent at $69.68, close to its highest level so far in 2019 and near the key level of $70 per barrel. US West Texas Intermediate (WTI) crude was flat at $62.57 a barrel. (Reuters)

4. RBI MPC: The Reserve Bank of India (RBI) is expected to cut rates for the second consecutive time tomorrow, with retail inflation continuing to remain low and domestic economy showing muted growth prospects.

5. Rupee: The rupee closed at 68.75 against the US dollar on Tuesday. (stock image)

6. Market close on Tuesday: The Sensex and the Nifty ended at record closing high on Tuesday. The Nifty closed above 11,700 and Sensex above 39,000 for the first time ever led by realty and auto stocks, as investors turned their focus to Reserve Bank of India's (RBI) monetary policy decision later this week.

7. US Bonds: The US Federal Reserve’s dovish turn has probably delayed the arrival of a key bond market recession indicator to 2020, a bit later than predicted three months ago, according to the latest Reuters poll of bond strategists.

8. Global currencies: In currency markets, the pound was flat at $1.3127, having recovered its footing after British Prime Minister Theresa May said she would seek another delay to Brexit to work out an EU divorce deal with opposition Labour leader Jeremy Corbyn. The dollar was down a hair against the yen to 111.27 and the euro was unchanged at $1.1202. (Reuters)

9. SC on RBI's Feb 12 Circular: In a big win for power, sugar and infrastructure companies, the Supreme Court on Tuesday struck down Reserve Bank of India's (RBI) February 12 circular on the resolution of stressed assets and declared it unconstitutional and ultra vires.

10. Manufacturing PMI: Growth in India's manufacturing industry slowed to a six-month low in March as orders and output expanded at a weaker rate, but overall factory activity ran at a solid pace in the first quarter, a private survey showed on Tuesday. (Reuters)