Wednesday, 4 March 2015

Morning Summary, Market Synopsis: 4th March, 2015

Sensex opens above 30,000 on RBI's surprise rate cut: Markets have commenced the session on a strong note after the Reserve Bank of India (RBI) surprised the street with a repo rate cut of 25 bps (basis points) to 7.5% from 7.75%. The central bank, however, has kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4% of net demand and time liabilities (NDTL).
At 9:45 AM, the S&P BSE Sensex was trading at 29857 up 263 points, while NSE Nifty was trading at 9070 up 74 points. However, the Mid-cap and Small-cap Index, both, is under-performing the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee opened higher by 26 paise at 61.66 per dollar. The dollar hovered below an 11-year high versus a basket of major currencies, as investors await US economic data and a European Central Bank meeting later this week for fresh direction clues.

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