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Saturday, November 28, 2015

RBI policy, Q2 GDP data to steer market this week

The outcome of the Reserve Bank of India's (RBI) rate-setting meeting on December 1, September quarter GDP data and hopes of passage of the goods and services tax (GST) bill in the ongoing Parliament session will be key factors driving the market this week.

The benchmark equity indices managed to close higher for the week ended November 27. The S&P BSE Sensex closed 1 per cent higher, while Nifty50 rose 1.1 per cent.

The Reserve Bank of India (RBI) will go for its fifth bimonthly monetary policy review on Tuesday, December 1. Most analysts expect it to be a non-event, and say the central bank would maintain status quo ahead of the crucial US Federal Reserve meeting mid-December.

The Reserve Bank of India (RBI) is expected to hold its policy rate at 6.75 per cent next week to stifle inflation, a Reuters poll of economists showed. All 45 economists surveyed expected RBI to stand pat at its policy review on Tuesday.

"We believe RBI will continue to maintain status quo on policy rates. There may be tweaking of some regulations and some easing out but for this financial year, the chances of any further monetary easing are very limited," Devendra Pant of India Ratings said in an interview with ET Now.

In macroeconomic data, market participants would watch India's gross domestic product (GDP) data for the September quarter, which will be released on Monday, November 30, 2015. 


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