Intraday trading tips
The RBI Sixth bimonthly monetary policy review kept its repo rate unchanged at 6.25% in the meeting held today, opting to wait for more clarity on inflation trends and on how a drastic crackdown on black money after demonetization, is impacting economic growth.
Marginal Standing Facility and Bank rate kept unchanged at 6.75%. The Fiscal 2017 GVA (Gross Value Added) seen at 6.9% and the Financial year 2018-GVA seen at 7.4% with rick evenly balanced, while Consumer Price Index (CPI) seen below 5%. Repo rate is the rate at which the central bank of a country provide loadn to commercial banks in case of any shortfall of funds.
Meantime, Sensex is trading at 28228 down by 207 points or 0.38%. Nifty is trading at 8745 down by 23.45 points or 0.27% at 3.00 pm today.
FM Arun Jaitley announced a number of steps in the Union budget to draw funds from foreign portfolio investors (FPIs). The proposals include an exemption from the provisions of indirect transfer tax for category I & II FPIs. The indirect tax provisions will still apply to category-III FPIs like corporate bodies, trusts and family offices. Category-I FPIs include foreign central banks, sovereign wealth funds and government agencies. The category-II mutual funds and banks. However, hedge funds, individuals and other high-risk foreign investors will not get this relief.
A New York capitalist billionaire, Donald Trump, who tapped into the disquiet of poorer and insular America for an unlikely electoral march to the White House will be on oath as the President of the United States at noon on Friday. Barack Obama is set to leave the White House after eight years, making way for the 45th President of the U.S. The eyes of the world will be on U.S and Trump since he takes the Oath of Office and offers his inaugural address during a ceremony that dates back to George Washington tonight at 10 pm at Indian time. Trump’s sworn-in is set to unleash a cascade of stock-market anxiety.
In Market, the Dow Jones Industrial Average has returned about 8% since his election victory on November 8, the S&P 500 index boasts a return of 6.6% and the Nasdaq Composite Index has seen a return of more than 7% during that period, as per data.