The market is likely to open on a positive note as yesterday RBI cut its key short-term rates by 25 basis points each to shore up faltering growth in the face of the global economic slowdown. The repo rate, at which the Reserve Bank of India (RBI) infuses cash into the banking system, will be cut to 4.75%, and the reverse repo rate, at which it absorbs excess cash from banks, will be reduced to 3.25%, effective immediately. Asian technology stocks rose after Elpida Memory Inc. said it plans to raise memory-chip prices, offsetting declines in the region by telecommunications shares. U.S. stocks rose on Tuesday after Treasury Secretary Timothy Geithner indicated most banks have sufficient reserves to protect against possible losses, sparking a rebound in bank shares. The Indian ADRs too ended on a postive note.
According to provisional data on NSE, foreign funds sold stocks worth a net Rs. 191.01 crore on Tuesday, 21 April 2009. Domestic funds sold shares worth a net Rs. 187.69 crore on that day.
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