Stock market in India to open at higher end on Wednesday, April 8, influenced by sharp drop in price of crude oil after US President Donald Trump and Iran agreed on a deal of ceasefire for two-week ceasefire.
Investors are looking forward to the repo rate (RR) ahead of the Reserve Bank of India's Monetary Policy Committee (MPC), which is expected to keep RR unchanged at 5.25% and maintain policy stance at neutral. RBI Governor Sanjay Malhotra will hold the first bi-monthly policy meeting for the financial year 2027 from April 6 to April 8.
The RBI has already cut the repo rate by a cumulative 125 basis points (bps) since February 2025. In its previous monetary policy, the central bank maintained a status quo on repo rates.
GIFT Nifty futures were trading at 23,825 as of 7:49 am IST, indicating that the benchmark Nifty 50 will open about 3% on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) above Tuesday's close of 23,123.65, reported the news agency Reuters.
Asian market jumped 4%, while crude prices came down below $100 a barrel after Trump announced a ceasefire deal with Iran for two weeks, which will open the Strait of Hormuz.