Markets cautious ahead of RBIs monetary policy
CARE Ratings expects status quo in the policy stance but retains its forecast of a possible 25 bps rate cut in April17 Annual Monetary policy and another 25 bps during the course of FY18 provided inflation remain benign.
BSE Sensex and NSE Nifty opened flat on Wednesday ahead of Reserve Bank of India's (RBI) sixth bi-monthly monetary policy.
At 9.28 am, Sensex was trading at 28,346.83, above 11.67 points or 0.04% and that of Nifty was at 8,775, higher by 6.70 points or 0.08%.
Top gainers on BSE Sensex were: Tata Steel at Rs 480.40 per piece (1.51%), Cipla at Rs 605 per piece (1.29%), Tata Motors at Rs 511.95 per piece (1.02%), Coal India at Rs 318.25 per piece (0.84%), Gail India at Rs 480.25 per piece (0.82%) and ONGC at Rs 194.85 per piece at Rs 194.60 (0.80%).
A Reuters poll last week showed 28 of 46 participants expect the RBI to cut the repo rate by 25 basis points to 6.0%, its lowest since November 2010. Another two expected a 50 bps cut.
CARE Ratings expects status quo in the policy stance but retains its forecast of a possible 25 bps rate cut in April’17 Annual Monetary policy and another 25 bps during the course of FY18 provided inflation remain benign.
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