The RBI surprised the market with a higher and earlier-than-expected cash reserve ratio cut by 75 basis points at the last leg of trade on Friday. Bankers see no change in lending and deposit rates. Money market experts believe the fresh wave of liquidity will give a boost to markets. What else could affect our market movement today.
GLOBAL SCENE
In the US, stocks rose and made modest gains on Friday following a better than expected government jobs report. However, markets ended lower after the news of a credit event in Greece. S&P and Nasdaq did log gains for the fourth consecutive week.
Europe too posted marginal gains. Greece nonetheless remains in the spotlight as Euro zone finance ministers will meet later today to decide whether or not to release their contribution to Athens's second bailout package. The international swaps and derivatives association declared the restructuring a 'credit event'.
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There's further bad news as well. Fitch has downgraded Greece's long-term foreign and local currency issuer default ratings to 'R-D'
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