Market HIGHLIGHTS: Indices erase losses, Sensex ends at record closing for 6th straight day; RIL, Infy lead

Back home, after MSCI, another index provider FTSE also is expected to increase India’s weightage, which will bring $700 to $900 million of overseas inflows coming into the equity market. Additionally, RBI will conduct the third auction of SDL’s OMO aggregating Rs. 10,000 crore on December 23rd with an aim to improve liquidity and facilitate efficient pricing. The rupee has been tucked between FII flows pinned by weaker dollar and aggressive stimulus undertaken by global authorities on one side and RBI’s intolerance for rupee appreciation on other side. As expected, despite being tagged as currency manipulator, rupee managed to stay stable after making high at 73.40 levels indicating that the RBI’s intervention was in place. The momentum of rupee shall be determined on how far is RBI tolerant with rupee appreciation with persistent foreign fund inflows. Till now, the range of 73.40-74.00 seems in place. Only if RBI gets lenient, rupee shall break 73.40 and move close to 72.80-73.10 levels in the near term: Amit Pabari, managing director, CR Forex Advisors

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