RBI Policy

The Monetary Policy Committee (MPC) came out with their bi-monthly policy statement today. Some of the key announcements are as follows:

  • The MPC members unanimously voted for keeping the policy rates unchanged
  • The MPC also unanimously decided to continue with an accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remained within the target going forward

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Equity Market Review

Indian equities continued their uptrend as Nifty closed at an all-time high of 15,583 (as of 31 May) as investors looked beyond the new cases peak. Focus likely remained on medium-term vaccination outlook, in-line earnings season and lifting of activity constraints. Along with declining cases, assurances from global central banks on liquidity and firmer global equity markets also helped broaden investor sentiment.

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Debt Market Review

Benchmark 10-year yield closed almost flat at 6.02%, down by 01 bp from its previous close of 6.03%. The Reserve Bank of India's kept the benchmark interest rate unchanged. The repo rate will continue at 4% and the reverse repo rate at 3.35%. With this, the repo rate has remained unchanged for a sixth consecutive time.

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