RBI's credit policy today

The Indian market has been rangebound over the last many sessions. After a mildly bullish trade on Friday, the equity benchmarks witnessed lacklustre activity and closed marginally in the red on Monday. The Sensex closed down 73 points at 19,244.42. The Nifty ended at 5,857.90, 21 points below its previous close. The market will closely watch the Reserve Bank of India’s mid-quarter monetary policy review today. According to CNBC-TV18's poll, 70 percent of bankers and economist expect the Reserve Bank to cut cash reserve ratio (CRR) by 25 to 50 basis points. Only 30 percent expect RBI to keep the CRR unchanged. Most don’t believe the Reserve Bank will cut policy rates. Infact 90 percent said no repo rate cut. However, there is unanimity that rate will be cut atleast by January. Majority expect 25 to 50 basis of repo rate cut before the financial year ends.