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Nifty likely to open higher; all eyes on RBI policy

The Nifty is likely to open higher Tuesday with all eyes set on the RBI’s bi-monthly policy review.

With all eyes set on the RBI’s bi-monthly credit policy, the market is likely to open higher Tuesday. A late rally lifted the sentiment on Dalal Street Monday with the Nifty comfortably regaining the 8,600 mark and the Sensex surging over 240 points. Pharma and realty stocks lead from the front.

The US markets ended higher on renewed hopes of a delayed increase in interest rates. Asian markets are trading in the green ahead of key policy decision from the Reserve Bank of Australia. Also, Bank of Japan begins its 2-day policy meeting today.

On the economic data front, Markit’s final services PMI came in at 59.2 in March. A separate reading of services PMI from the Institute of Supply Management fell marginally to 56.4. Despite the drop, it reflects a solid pace of growth in the sector

In the currency space, the dollar is trading firm having recovered almost all of its losses as the euro came under renewed pressure.

In commodities, crude prices dip after a sharp rally yesterday as Goldman Sachs says it sees little upside for its 40 dollars a barrel forecast over the next three months. From precious metals space, gold prices continue to trade above 1200 dollars an ounce.

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