Expectations of rate cut swell equity markets

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Mumbai, March 21 (IANS) Expectations of further easing of the monetary policy and a rate cut in small savings accounts swelled the Indian equity markets on Monday.

This led to a barometer index of the Indian equity markets to provisionally close the day’s trade higher by 333 points or 1.33 percent.

Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) provisionally closed on a positive note. It edged up by 99.45 points, or 1.31 percent, at 7,703.80 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE which opened at 25,007.56 points, provisionally closed at 25,285.37 points (at 3.30 p.m.) — up 332.63 points or 1.33 percent from its previous day’s close at 24,952.74 points.

The Sensex touched a high of 25,327.45 points and a low of 24,988.27 points during the intra-day trade.

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The BSE market breadth was tilted in favour of bulls — with 1,497 advances and 1,162 declines.

“Markets rose sharply despite mixed global cues led by the rate cut in small savings. Markets are also factoring in another rate cut of 25 basis points in the upcoming credit policy,” Vaibhav Agarwal, vice president and research head at Angel Broking told IANS.

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