Indian market rallied on surprise pause by RBI, but upside was limited as RBI Governor commented it as temporary pause and not pivot. Weekly F&O options expiry has impacted closing.
Government approved revise pricing in natural gas pricing, revised down with upper & lower ceiling limit. End consumer of gas will be beneficiary and inflation will be lower.
VIX @ 11.80: trading near lower end of the range.
Approach on Indices: SGX Nifty indicate around 50-points gap-up opening compared to Thursday’s closing. Nifty range 17428 to 17799 and Banknifty range 40474 to 41625.
Market View: Retail data continue to show strength, latest business updates from TITAN indicate record positive year on year growth. Market will continue to react to RBI policy which we believe was positive.
SGX Nifty @ 17705 down 11.50 points at 8:25 AM