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OPENING BELL 7th April,2017 - Nifty To Remain Volatile Ahead Of Donald Trump & China President Meeting
Indian Benchmark Index Nifty opened gap down by 20 points at 9245, the index made high of 9268 after the announcement of RBI rate decision. Nifty made a low of 9219 and closed at 9262. Yesterday RBI announced its First Bi-monthly Monetary Policy Statement for 2017-18 where Monetary Policy Committee kept key interest rate(Repo Rate) unchanged at 6.25%. However, the committee hiked Reverse Repo rate (the rate at which RBI borrow money from banks) by 25 basis points to 6% from 5.75% and cut the marginal standing facility rate is by 25 basis points to 6.5% from 6.75%.
Bank Nifty gave a lackluster movement on its 1st weekly April Expiry and traded in a range of 175 points from 21674 to 21489. Bank Nifty closed 21623 after making a high of 21674.
The Small Cap Index also made an all time high of 7172 and closed at 7123.
Nifty Future is opening at 9206.50 as per SGX Nifty at 8:00 am IST, 57 points below its previous close of 9263.90.