Market languishes in red..!!! The sixth
bi-monthly policy meet turned out to be a non event as the RBI kept key
interest rate unchanged which was in line with market expectations. After
a rally on Friday and a tumble from highs on Monday, the indices remained
choppy as ever slipping sharply on Tuesday. The Reserve Bank of
India (RBI), in its Sixth Bi-monthly Monetary Policy Review, 2015-16, has
decided to keep the repo rate same, opting to wait for the government’s annual
budget statement at the end of February for further easing, with no pulls or
pressure from the market. Governor Raghuram Rajan declared that the Repo Rate
will be maintained at 6.75%, with CRR at 4%. Reverse Repo Rate is held at 5.75%.
The Sensex finally ended with a loss of 285 points at 24539. It opened at 24868,
touched an intra-day high of 24929 and low of 24461. The Nifty ended with
a loss of 100 points at 7456. It opened at 7567 hitting a high of 7576 and low
of 7428. The
market was largely digesting the announcement which was wide in-line
expectation. But a slip in the European market due to fall in crude prices has
impacted Indian equities. Globally investors are shunning risky assets like
oil, equities and commodities.
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Resistances: 7,500 , 7,550
Support: 7,400, 7,350
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