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The market started off week on a spectacular note Monday as it ended nearly five-month closing high on hope of rate cut in the forthcoming RBI policy. The 30-share BSE Sensex rose 198.76 points to 28439.28 and the 50-share NSE gained 60.10 points at 8801.05, the highest closing level since September 23, 2016. Majority of economists expect the RBI to cut repo rate, especially after Finance Minister set FY18 fiscal deficit target at 3.2 percent.
There is a high likelihood of a 25 bps cut in the repo rate in the upcoming policy review on February 8, 2017. The CPI inflation in ongoing quarter is expected to remain below the forecast of 5 percent. Moreover, the Union Budget for FY2018 has balanced fiscal consolidation with increased capital spending, which would revive growth in a non-inflationary manner.
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The market started off week on a spectacular note Monday as it ended nearly five-month closing high on hope of rate cut in the forthcoming RBI policy. The 30-share BSE Sensex rose 198.76 points to 28439.28 and the 50-share NSE gained 60.10 points at 8801.05, the highest closing level since September 23, 2016. Majority of economists expect the RBI to cut repo rate, especially after Finance Minister set FY18 fiscal deficit target at 3.2 percent. 
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