MARKET TODAY
Key benchmark indices are likely to open lower after the Reserve Bank of India (RBI) on Friday 19 March 2010 unexpectedly raised interest rates from record-low levels for the first time since it began cutting in 2008. Asian stock markets opened lower with investors tracking cues from Wall Street and indulging in fairly heavy selling in some blue chip stocks from across various sectors. Japan's markets were closed for the Vernal Equinox public holiday. However, The Reserve Bank of India (RBI) has hiked the repo and reverse repo rate by 25 basis points on Friday to mark a reversal of its easy monetary policy regime to tame inflation and anchor inflationary expectations. The new repo and reverse repo rate is 5% and 3.5%, respectively. The hike comes into effect immediately.
According to data released by the NSE, in the last session, FIIs were net sellers of index futures to the tune of Rs 32.25 crore, while they bought index options worth Rs 503.72 crore. They were net sellers of stock futures to the tune of Rs 120.86 crore and sold stock options worth Rs 10.93 crore.
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