Sensex, Nifty Trim Losses : European Markets Gain 1%

The market trimmed losses supported by Reliance Industries. The Sensex dropped 86.94 points to 28417.52 and the Nifty declined 38.55 points to 8621.35. About 1404 shares have advanced, 1204 shares declined, and 162 shares are unchanged on the BSE. The Reserve Bank of India left key policy rates unchanged today. It expects inflation to cool down to 4 percent by August but firm up again to 5.8 percent by year-end. The central bank says they will look through seasonal and base effect for inflation. The Reserve Bank has estimated FY16 GDP at 7.8 percent, 30 basis points more than the CSO expectation.

RBI Governor, Raghuram Rajan says there is more room to cut interest rates but will watch out for data, adding that banks over time will be forced to match markets and bring down rates. The governor also says that US Fed's policy changes will not constrain RBI's move on rates. The rupee weakened marginally to 62.37 a dollar against a close of 62.18 in previous session on account of fresh demand for the dollar from importers and weakness in the equity markets. Global markets like Shanghai and Nikkei closed with handsome gains today, up 1-2.5 percent while European markets gained more than 1 percent. In positive macro data, UK Services PMI jumped to 58.9 in March against 56.7 in February.

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