A weak start is likely for the Indices which will look at taking support around these levels ahead of a Holi-day tomorrow. Global cues have nothing to encourage a start in the green with the Dow falling to 0.58% and S&P 500 shedding 0.44%. Nasdaq was down 0.26%. US jobs data is due tomorrow and European Central Bank meeting later today will be in focus. Asian markets are mixed with Japan's Nikkei 225 and China's Shanghai trading higher while Hong Kong's Hang Seng index is trading down.
A significant dip in inflationary pressures and moderation in core inflation and need to support economic growth prompted the move prompted RBI to cut repo rate by 25 bps to 7.5%. To an extent, the policy document sounds like it is moving from a restrained approach to a dynamic one. Whether the central bank proactively pushes growth in ensuing meetings or not remains to be seen now. For the indices, it was yet another swinging day, hitting a new peaks followed by a downslide. Profit booking at higher levels could have sparked some sell off.