Markets soar as RBI holds rate

Daniel Fowler

April 7, 2018

Today, the markets are expected to open with a gap on the higher side amid firm global cues. In the February meeting, the bank's Monetary Policy Committee had voted for a pause in the monetary policy with the exception of RBI executive director Michael Patra who voted for a 25 basis points hike.

Consequently, the reverse repo rate under the LAF remains at 5.75 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25 per cent, the Report said. Sensex meanwhile, managed to close above the 33,600-mark while Nifty too consolidated above 10,300.

The strong global trend also acted as a catalyst as world markets gained ground after easing of U.S. Australian stocks slipped 0.35 percent and South Korea's KOSPI lost 0.3 per cent. Japan's Nikkei fell 0.15 per cent.

Kyrie Irving will miss the 2018 NBA Playoffs
The Boston Celtics (53-25) have four games left in the 2017-18 season and face the Chicago Bulls (27-51) next on Friday evening. The Celtics were not that concerned about this season, anyway, not after Gordon Hayward injured his ankle on Opening Night.

At 2:45 PM, the BSE Sensex was trading at 33,613, up 16 points, while the Nifty50 index was trading at 10,322, down mere three points. On the other hand, out of total 31 stocks in the Sensex team, 16 ended in the green, while 15 in the red on Friday.

Sectorally, the BSE healthcare index spurted 0.94 per cent, followed by oil & gas, PSU, consumer durables, banking, realty, FMCG, power, auto and infrastructure. The Dow Jones staged its biggest rebound from an intra-day low in about six weeks. Sun Pharmaceutical Industries (up 1.02%), Cipla (up 0.34%), Dr. Reddy's Laboratories (up 0.73%), Glenmark Pharmaceuticals (up 0.3%), GlaxoSmithKline Pharmaceuticals (up 0.9%), Aurobindo Pharma (up 2.35%) and Wockhardt (up 1.38%) rose. -China trade war concerns.

Sameet Chavan, chief analyst-technical & derivatives, Angel Broking, said: "For the coming session, the immediate hurdle is placed in the zone of 10187-10230 and on the downside, last Wednesday's low of 10096 would be a crucial support".