Indian Indices Trade on a Volatile Note Ahead of MPC Rate Decision

Wed, 8 Feb 11:30 am

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After opening the day on a flat note, the Indian share markets witnessed choppy trades and are presently trading near the dotted line. Sectoral indices are trading on a mixed note with stocks in the banking sector witnessing maximum selling pressure. Stocks in the consumer durables sector are trading in the green.

The BSE Sensex is trading down 3 points (down 0.01%) and the NSE Nifty is trading up 7 points (up 0.1%). The BSE Mid Cap index is trading up by 0.4%, while the BSE Small Cap index is trading up by 0.2%. The rupee is trading at 67.31 to the US$.

Indian share markets are trading on a volatile note ahead of the RBI monetary policy. RBI governor Urjit Patel is scheduled to announce the last monetary policy of the fiscal year at 2:30 pm today. This will be the second monetary policy after November's notebandi and the first since the Union Budget 2017-18.

The policy comes at a time when banks are flushed with funds post demonetisation. Owing to this, many expect the RBI to keep its key interest rates unchanged.

There are also arguments made on the other side. With services sector contracting for the third straight month in January, hopes are that the RBI can slash the policy rate. Also, with the government pegging fiscal deficit target for FY18 at 3.2% of GDP, there's a room for RBI to be accommodative.

Fiscal Deficit Over the Years

Apart from the above, there are a host of global as well as domestic factors to consider this time around. And what decision the Monetary Policy Committee (MPC) may take is hard to predict.

But as usual, we recommend that you, the intelligent investor, avert your eyes from this drama and keep them focused on the value and comfort of the safest stocks. Because, as you know, neither rate hikes, nor cuts, impact our long-term view on stocks.

After all, rate cut alone will not speed up the economic slowdown caused by demonetization-led cash shortage, and consumption reduction. To set the paralyzed demand into motion, way more action needs to be taken.

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