KEEP AN EYE ON
RELINFRA ON 06 JUNE
Nifty came down & closed below 10600 mark;
eying RBI meet due tomorrow..!!! The market has ended a highly volatile day on
negative note as investors chose to remain on the sidelines ahead of the
outcome of RBI’s monetary policy meet. The Monetary Policy Committee (MPC)
of the Resave Bank of India began its three-day meeting on Monday amid high
speculation that it may hike key interest rates for the first time in over four
years, keeping firming inflation in view. The Sensex came down 108 points
at 34903 and the Nifty future came down below 10600 mark to close at 10,596.
The bank Nifty ended on flat note at 26257. An increasing number of economists
expect the Reserve Bank of India (RBI) to raise interest rates on
Wednesday, a Reuters poll found, but most still think the central bank will
stay on hold and use this week’s meeting to prepare for an August hike. Among
macro data released earlier today, activity in India’s service industry shrank
in May for the first time in three months as new orders stagnated, but business
optimism was the highest since 2015 on expectations that demand will turn
around, a business survey showed.
