All Eyes on RBI Policy...
The Market didn't find any cheer despite the biggest reshuffle of the Congress-led United Progressive Alliance Cabinet, Manmohan Singh inducted 17 new faces and a total of 22 ministers giving several new and young faces a chance to prove their mettle as his government tries to remove the taint of scams and non-performance from its progress report. The Congress has also shown that it is the big brother in the UPA by having 69 of the 79 ministers, including the Railways. The Indian market closed flat amid volatility on Monday. The Sensex rose 10.48 points to close at 18,635.82. The Nifty went up 1.30 points and ended at 5,665.60. Today all eyes are on the Reserve Bank of India’s policy. RBI policy expectations: There is almost a war cry out for a rate cut. A poll indicated that 80 percent of the respondents see a CRR cut. Of this, 20 percent see a 50 bps cut. On the repo, the market is divided with 50 percent expecting a repo rate cut. A day before the m...