We had a very volatile session yesterday and the Nifty slipped below 5000 levels during the day as the investors are concerned about the falling Rupee and the corporates facing MTM losses on currency bets.The Banking stocks showed some resilience after a week of weakness.HDFC Bank has over taken SBI in market cap. Kindly note this is just the market cap and not in asset size.To boost liquidity in the Banking system ,RBI would be buying Government bonds.Considering this move by the RBI,I expect it to cut the rates in the next policy meet.
In the winter session of the parliament(Commences from Nov 22-Dec 21) the Government will introduce the Anti-corruption bill and lot of policy decisions are expected to be taken. Rajiv Kumar of FICCI feels that , the Government should finalize the policy on FDI in multi-brand retailing.After the KFA and Air India chaos,Government may rethink on FDI in aviation too.
India's weekly inflation data will be released today.And it may set the tone for the markets before the opening of European markets.
SGX Nifty is trading at 5012 at 08.00AM IST (Nifty futures closed with a 48 points premium)
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