Outlook Of Nifty/bank nifty today
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) on expected lines kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25 percent and lowered the inflation projection hinting at a less hawkish tone. The MPC reduced the statutory liquidity ratio (SLR) or the amount of bonds banks must set aside of total deposits from 20.5 percent to 20.0 percent of NDTL with effect from the fortnight beginning June 24, 2017 The RBI has cut its headline inflation projection to 2.0-3.5 per cent in the first half of the year and 3.5-4.5 percent in the second half, which is well below RBI’s target range of 4 percent.
Bank Nifty Outlook:
D-Street is reading the policy as more dovish than expected which is already showing in the banking stocks. The Nifty Bank hit a fresh record high in the last minutes of trade, led by gains in Federal Bank, PNB, ICICI Bank, Bank of Baroda etc. among others.
Nifty Day Performance