Markets keenly await RBI's policy meeting

Buoyed by renewed buying from FIIs, positive global cues, expectations of timely roll out of GST and lower crude oil prices; markets regained momentum to close on positive note during the week ended.

Benchmark indices, the Sensex and the Nifty gained by 200 points and 66 points closing at 29621 and 9174 respectively.

Exuberance in the market was reflected by action in the small cap stocks. The GOI exceeded the revised disinvestment target of Rs 45,500 crores by mopping in Rs 46,200 crores through buybacks and sale of shares held by Specified Undertaking in Unit Trust of India (SUUTI).

The RBI had left its key repo rate unchanged at 6.25% for the second time in February and is expected to maintain status quo. On the political front, the developments in the Budget session will also be watched.

Near term direction of the markets will be dictated by the RBI’s policy outcome, macroeconomic data, trends in global markets, investment by FPIs and DIIs, the movement of rupee against the dollar and crude oil price movement.

Markets will remain closed on Tuesday while the US Fed minutes will be released on Wednesday. Despite recent turbulence the US markets have wrapped up the first quarter on a positive note. Wall Street also celebrated several milestones. For the week ahead, chartists predict trading range of 29150-30100 and 9025-9315 for the benchmark indices. Support for the indices evident at 29350 & 29150 and 9100 & 9025.

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