14:21
Moneycontrol BureauLive Market Commentary
The market is listless in afternoon trade today as caution prevails ahead of the two-day FOMC meeting that will start today. Economists expect Fed tapering in the range of USD 5-15 billion.
Rohit Arora of Barclays expects Federal Reseve to reduce monthly bond purchases by USD 15 billion from Rs 85 billion, which could result into a weakness in emerging market assets.
In such a scenario, he also expects the INR to weaken to an extent and hence does not see Reserve Bank of India scaling back their liquidity tightening measures, at least in the upcoming meeting (that is scheduled for September 20).
"If RBI does not scale back their liquidity tightening measures and the MSF rate remains at 10.25 percent, we think there could be somewhat disappointment from the fixed income markets and we could see around 10-15 bps move higher in the bond yields," he adds.
The guidance given by the new RBI governor would hold a lot more importance than any change in existing measures, believes Arora.
Also read: Questions over Fed chief a bigger issue than taper
The Sensex is down 12.38 points at 19730.09, and the Nifty is down 8.95 points at 5831.60. Declining shares outnumbered advancing ones by 1202 to 899 on the Bombay Stock Exchange.
Meanwhile, the rupee depreciated by 26 paise to 63.09 against the US dollar.
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