Tuesday, Oct 25, 2011
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RBI HIKES REPO RATE BY 25 BPS, SAYS NO MORE HIKES
The Reserve Bank of India raised interest rates on Tuesday for the 13th time since early 2010 but said it was likely to hold off on further increases as it expects high inflation to ease beginning December. The RBI raised the repo rate, by 25 basis points to 8.5%, in line with expectations. It has also deregulated savings bank interest rate with immediate effect. The likelihood of a rate move at its December review is "relatively low," the RBI said in a statement. (See Top Video) read more |
RBI FREES SAVINGS BANK INTEREST RATE
Ending the era of controlled interest rate regime, the RBI today freed savings bank deposit rates, a step which bankers said could fetch better returns for depositors as competition will intensify. The change is with immediate effect. However, banks will have to offer a uniform interest rate on deposits of up to Rs 1 lakh. For savings bank deposits of over Rs 1 lakh, banks would be free to provide differential interest rates. read more |
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| AT A GLANCE |
| BSE | 17254.86 | +315.58 |
| NSE | 5191.6 | +93.25 |
TURNOVER
Rs. 268,979 cr
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BSE CASH
Rs. 2,460 cr
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NSE CASH
Rs. 14,832 cr
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NSE F&O
Rs. 251,686 cr
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| BULLION |
| GOLD | 26724 | -2 |
| SILVER | 52817 | -260 |
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| CRUDE |
| NYMEX | 93.58 | +2.31 |
| BRENT | 110.44 | -1.01 |
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| FOREX |
| $ / Re | 49.5 | -0.32 |
| £ / Re | 79.026 | -0.63 |
| € / Re | 68.63 | -0.76 |
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| EVENTS |
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| 26 October |
 | Muhurat Trading Session |
| Petition Against Zenith Infotech By Bondholders Comes Up For Hearing At Bombay High Court |
| Eurozone Summit, Brussels |
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| 28 October |
| Land Scam: Bail Plea Of Katta Subramanya Naidu, Bangalore |
| Former Karnataka Chief Minister B S Yeddyurappa's Bail Plea, Bangalore |
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| 30 October |
| Formula One India Grand Prix, Buddh International Circuit, Greater Noida |
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| 2 November |
| Morningstar Investment Conference, The Lalit, Mumbai |
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| EXPERT VIEWS |
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"Moderating inflation rates are likely to impact expectations favourable. These expected outcomes provide some room for monetary policy to addres growth risks in the short run. With this in mind notwithstanding current rates of inflation persisting till November the likelihood of a rate action in December mid-quarter review is relatively low."
D Subbarao
Governor, Reserve Bank of India
"The positive side is the language used by the RBI, indicating they will look at moderating. I think the government and the Reserve Bank are getting concerned that we can get into a period of high inflation and low growth. Still, at this point in time they could have put off the increase in my view, because the economy is likely to grow just above 7%."
Venu Srinivasan
Chairman, TVS Motors
"I feel very bad because such hi-fi business (Formula One racing) has nothing to do with 99% of Indians. It is a criminal waste (of money). First, Twenty20 cricket spoiled the spirit of Indian sports, and now here comes another avatar which will mostly attract corporate money, who (Corporate) rarely spend for sports promotion. Only God can save the Indian sports."
P T Usha
Former Athlete
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| WATCH OUT |
 Mahurat Trading
It's the most auspicious time of the year. Time to let go of the uncertainty and usher in the promise of a new year. Join Udayan Mukherjee and Mitali Mukherjee, as they bring in a new era of prosperity on CNBC-TV18's Mahurat Trading.
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SHOW TIMINGS
Wed 4:30 pm onwards
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