Opening Bell (8 Oct 2018)

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Know how to deal with Market Correction

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Buckle up! Stay light as Nifty50 could retest 9,800-10,000 levels in medium term

The momentum-based oscillators are in ‘sell’ on near and on medium-term basis. Given the sharp fall over the past few weeks, the market is expected to remain weak on a medium-term basis, Arun Kumar, Market Strategist, Reliance Securities, said in an interview to

Moneycontrol’s Kshitij Anand.

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Closing Bell: Sensex plunges 792 pts, rupee hits 74/$ as RBI holds rates; Infosys, TCS up

The MPC’s decision to stand pat is a clear signal that inflation remains the anchor of monetary policy. Interest rates will not be used to manage the currency, but the MPC will respond to the inflationary consequences of depreciation.

Currently, although higher oil prices and a weaker currency add to near-term cost pressures, the RBI acknowledged the expected inflation undershoot on lower food inflation and tighter financial conditions. The pause also gives it a chance to wait and observe the impact of the hikes already delivered. Lastly, the change in its stance indicates the MPC remains ready to hike, if inflation pressures become more adverse.

Overall, given our view of an impending growth slowdown due to a significant tightening of financial conditions, 50bp in cumulative hikes already in place and the need for RBI to allow lagged effects of policy transmission to become apparent, we expect rates to remain unchanged over our forecast horizon.

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MCX SUPPORT & RESISTANCE LEVEL

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INTERNATIONAL MARKET UPDATE (05 Oct 2018)

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Sensex sinks 900 pts; rupee hits 74/$ for first time as RBI holds rates

The market is not showing any sign of recovery as it has been falling sharply for third consecutive session.

The 30-share BSE Sensex fell 465.99 points or 1.32 percent to 34,703.17, taking total fall to more than 4,000 points from its record high touched on August 28.

The 50-share NSE Nifty fell 185.20 points or 1.75 percent to 10,414.10.

RBI said while the projections of inflation for 2018-19 and Q1FY20 have been revised downwards from the August resolution, its trajectory is projected to rise above the August 2018 print.

The outlook is clouded with several uncertainties like minimum support price announced by the government, rising crude oil prices, volatility in global financial markets, sharp rise in input costs, fiscal slippage if any and staggered impact of HRA revision by the state governments.

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Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-sensex-sinks-900-pts-rupee-hits-74-for-first-time-as-rbi-holds-rates-3015141.html