The Narendra Modi government reiterated Financial Year 2015-16 GDP (gross domestic product) growth forecast of 7-7.5 percent from 8.1-8.5 percent seen earlier, and stuck to its fiscal deficit target of 3.9 per cent of GDP for the year.
Further, Growth for fiscal year 2016-17 is unlikely to be much higher than it would in 2015-16.
RBI issues guidelines for computing base rate.
RBI released the final guidelines on computing interest rates on advances based on the marginal cost of funds as well as all banks will have to follow a new and uniform methodology from April next year. Banking stocks tanks on the back of negative news of for banks.
WEEKLY FRONT (NIFTY AND BANK NIFTY)
NIFTY: Nifty saw pull back from its support level and snaps 2 weeks losing streak as well as recorded in their biggest weekly gains in more than two months after strong Indian Economy data (CPI and WPI numbers) and U.S. Fed (Federal Reserve) hike interest rates without any disruptions to global markets. The overall trend of nifty is weak if sustained below 7715 mark, it may drag towards its major support level i.e. of 7530. While 7980 marks will act as important resistance now.
Bank Nifty: Bank Nifty ends in the green zone after 2 weekly falls on the back of positive global cues and Indian Economic data, while from technical front Bank Nifty saw pull back from the trend line (can see in below weekly charts). For now the market can seen a correction as RBI urges banks to follow a uniform methodology from April 2016, if able to sustain below 16540 it will further drag towards the 16190 mark, while 17500 seen important resistance.
Further, Growth for fiscal year 2016-17 is unlikely to be much higher than it would in 2015-16.
RBI issues guidelines for computing base rate.
RBI released the final guidelines on computing interest rates on advances based on the marginal cost of funds as well as all banks will have to follow a new and uniform methodology from April next year. Banking stocks tanks on the back of negative news of for banks.
WEEKLY FRONT (NIFTY AND BANK NIFTY)
NIFTY: Nifty saw pull back from its support level and snaps 2 weeks losing streak as well as recorded in their biggest weekly gains in more than two months after strong Indian Economy data (CPI and WPI numbers) and U.S. Fed (Federal Reserve) hike interest rates without any disruptions to global markets. The overall trend of nifty is weak if sustained below 7715 mark, it may drag towards its major support level i.e. of 7530. While 7980 marks will act as important resistance now.
Bank Nifty: Bank Nifty ends in the green zone after 2 weekly falls on the back of positive global cues and Indian Economic data, while from technical front Bank Nifty saw pull back from the trend line (can see in below weekly charts). For now the market can seen a correction as RBI urges banks to follow a uniform methodology from April 2016, if able to sustain below 16540 it will further drag towards the 16190 mark, while 17500 seen important resistance.