A rate cut appears to be one of the immediate solutions to many problems if one goes by the consensus views of bankers and industrialists and of course politicians. The main indices have put up a smart show even as many mid-cap counters were in for a hammering last week. The Nifty, which has remained above the psychological 6000 mark needs to cross the 6100 levels to reinforce the positive trend if any.
The opening today is set to be higher. The big bet will be on the RBI’s monetary policy which will be unveiled tomorrow. We expect RBI to cut the repo rate by 25bps at least.
Global cues are slightly better thought the Nikkei is down after a smart start. Bolstered by corporate earnings, US indices ended higher with the S&P managing a close above 1,500 levels for the first time in over five years. Hong Kong 's Hang Seng index was trading 0.3 per cent higher while South Korea's Kospi index was 0.3% lower. China's Shanghai index is up a percent.
Today’s Event: JSW Steel, Rel Infra Q3 FY13