RBI kept repo rate unchanged at 6.50%. Governor Das: Inflation still above target. RBI MPC maintain stance – Withdrawal of Accommodation.
Wall Street gained as tech stocks led the rally as Dollar index cooled-off and volatility in U.S. is below pre-COVID level. Market now focused on U.S. inflation data and US Fed meeting next week.
RBI lowers FY24 inflation target at 5.1%, aims at 4% target. GDP growth forecast at 6.5% for FY24.
F&O data: FII were net seller by 4542 contracts in index futures, Nifty PCR @ 1.05 Vs 1.37 previous. Banknifty PCR @ 0.77 Vs 0.95 previous
Approach on Indices: Nifty remain in uptrend above 18619 & Banknifty could gain momentum above 44360. Yesterday’s correction can be considered as consolidation and due to weekly option expiry.
SGX Nifty @ 18755 up 34.50 points at 8:15 AM