Sensex Remains Flat; RBI Hikes CRR

Mon, 28 Nov 11:30 am

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After opening the day on a flat note, the Indian share markets have continued to trade near the dotted line. Sectoral indices are trading on a mixed note with stocks in the telecom sector and oil & gas sector witnessing maximum buying interest. Stocks from the banking sector and consumer durables sector are trading in the red.

The BSE Sensex is trading up 39 points (up 0.2%) and the NSE Nifty is trading up 11 points (up 0.1%). The BSE Mid Cap index is trading up by 0.8%, while the BSE Small Cap index is trading up by 0.9%. The rupee is trading at 68.67 to the US$.

Indian stock markets will watch out for macroeconomic data releases during this week. The list includes gross domestic product (GDP) for third quarter, manufacturing PMI, and September quarter earnings from blue-chip companies. Apart from this, announcements in the global financial markets regarding the US Fed rate hike and OPEC meet will also influence Indian share markets.

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Stocks from the banking sector are trading on a negative note. Most of this selling pressure is seen on the back of announcement of additional cash reserve ratio (CRR) by the RBI. As per a leading financial daily, the Reserve Bank of India (RBI) has asked banks to keep all incremental deposits gathered between September 16 and November 11 with the central bank. With this, banks will be parking about Rs 3,240 billion with the central bank.

Also, with this announcement, banks will pay a savings account rate of at least 4% on these deposits but get nothing in return from the central bank for the same. The move will impact the income levels of banks and that would be the key things to watch out for in the coming days.

Apart from the above, markets will keep an eye on movements in Foreign Currency Non-Repatriable (FCNR) account deposits. This is because as much as 64% of the total three-year FCNRs are going to mature this month.

The above maturities will likely trigger dollar outflows and weigh on rupee.

The rupee is now down close to 3% against the dollar since Donald Trump's surprise victory in the US presidential elections. It is believed that capital outflows as well as dollar's strength in view of an expected US Fed rate hike are the key factors that are dragging the rupee down.

The news will of course be music to the ears for Indian exporters as lower rupee makes them more competitive and also boosts their revenues.

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