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The S&P BSE Sensex is trading at 26446.78, up 54.02 points, while NSE Nifty is trading at 8,165.45 up 26 points.
The Indian rupee gained in the early trade. It has opened higher by 11 paisa at 67.83 per dollar versus previous close 68.22.
Asian markets traded in the green after the Dow Jones hit another high. Weakness in oil & gold saw money chase financials as most European indices hit fresh 2 month highs. The ECB meet on Thursday could further add fuel to the fire with expectations of further bond buying on the cards.
All eyes and ears will be on the RBI as the Monetary Policy Committee is set to announce the fifth bi-monthly policy today. The cruising Indian economy seems to have hit a series of speed-breakers after the shock therapy of demonetization of high-value currency last month. The flood of money flowing into bank deposits has indeed paved the way for a lower interest rate regime. If the RBI announces a 25bps rate cut today it would be on expected lines. A 50 bps would be a positive surprise while a status quo can unnerve the market. Close attention would be paid to the commentary of the RBI governor, who is known to talk very less, and his take on the market stabilisation scheme (MSS) and recent CRR measures. The outlook is a positive start. Global markets are mostly in the green. Interest-rate sensitives will swing to the RBI beat. The rupee, which staged a smart recovery on Tuesday will also be in focus.
Precious metals witnessed a relatively quiet session ahead of ECB policy meeting today. Market consensus clearly calls for an extension to ECB’s asset purchase programme by (which is due to expire by March 2017) at least six months, given the political uncertainty in Italy and forthcoming elections in Germany and France.
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