3 June 2014

Accurate Tips Afternoon Intraday Market: Sensex strong, Nifty holds 7400

The Nifty is holding above 7400 as RBI Governor Raghuram Rajan unveils first monetary policy review under the NDA regime. The Nifty is up 49.65 points at 7412.15 and the Sensex is up 160.09 points at 24844.94. 
The RBI has kept key rates intact, but lowers SLR rate. It says if the economy stays on this course, further policy tightening will not be warranted. It maintains tough rhetoric on CPI inflation. 
The Indian rupee is flat and gilts is a tad down. Traders are saying PSU banks are likely buying dollars. About 1663 shares have advanced, 1067 shares declined, and 125 shares are unchanged.India has slipped to its lowest position in over a decade in the foreign direct investment confidence index, which has been topped by the United States for the second year in a row, a study has showed.
India attracted USD 25.5 billion in FDI inflows in 2012, down from USD 31.6 billion in 2011, according to 2014 A T Kearney Foreign Direct Investment Confidence Index released on Monday. This is the lowest ranking for India since 2001. 

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