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After opening the day on a positive note, the Indian share markets witnessed losses and are presently trading marginally lower. Sectoral indices are trading on a mixed note with stocks in the metal sector and banking sector witnessing maximum selling pressure. Stocks in the IT sector are trading in the green.
The BSE Sensex is trading down 94 points (down 0.3%) and the NSE Nifty is trading down 34 points (down 0.4%). The BSE Mid Cap index is trading down by 0.4%, while the BSE Small Cap index is trading down by 0.1%. The rupee is trading at 67.01 to the US$.
The Reserve Bank of India (RBI) surprised stock market participants by keeping interest rate unchanged yesterday. The central bank kept its repo rate steady at 6.25% in its sixth bi-monthly policy for FY17. Consequent to this decision, the reverse repo rate under the liquidity adjustment facility (LAF) remains unchanged at 5.75%, and the marginal standing facility (MSF) rate and the bank rate at 6.75%.
As the chart below shows, the repo rate has fluctuated over the last six years. It is back to where it was in November 2010. The last change was a cut to 6.25% last October.
The central bank also shifted its policy stance to neutral after one-and-a-half years of accommodative stance. This shift suggests the end of the downward interest rate cycle.
Regarding inflation, the RBI now projects inflation to be in the range of 4% to 4.5% for the first half of next financial year, and in the range of 4.5% to 5% in the second half.
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The effect of above result announcements would be seen on Indian markets today as well as during the trading week ahead.
You see, estimates and even the actual corporate earnings every quarter tend to have a major influence on investor sentiments. The company's under or outperformance is immediately reflected in market movements. And these announcements put market participants and stock markets into a frenzy.
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