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With Rajan in focus, RBI monetary policy review on Tuesday

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Mumbai, June 6 : RBI Governor Raghuram Rajan will announce on Tuesday the second bi-monthly monetary policy review of the current financial year, at a time when he has been attacked for alleged failure to lower interest rates and boost the economy.

Making Reserve Bank of India’s first policy review of the financial year in April, Rajan had cut the central bank’s repo, or short-term rate at which it lends to commercial banks, by 25 basis points to 6.5 per cent.

The RBI also introduced a host of measures to smoothen liquidity supply so that banks can lend to the productive sectors and indicated an accommodative stance going ahead.

It narrowed the policy rate corridor to 0.50 per cent from the earlier one percentage point, which resulted in the reverse repo rate — at which banks can park excess funds with the RBI — being reset at six per cent.

Expectations of a rate cut at RBI’s Tuesday policy review are lower after retail inflation rose to 5.39 per cent in April, which was above Rajan’s near-term target of five per cent by March 2017.

However, official data last month showed India was one of the world’s fastest growing economies in the March quarter, with gross domestic product growing at a rate of 7.9 per cent.

On the other hand, making the case for a rate cut, a business survey last week showed that growth in India’s private sector output declined in May as manufacturing and service sectors lost momentum in conditions of softer domestic demand, while services slowed sharply to a six-month low.

The Nikkei Manufacturing Purchasing Managers’ Index, released on Thursday, rose marginally to 50.7 in May from 50.5 in April.

“Following broadly stagnant levels in April, order book volumes increased during May. The pace of expansion was, however, only slight and well below its long-term average,” the report said.

Meanwhile, with Rajan’s current three-year term ending in the first week of September, an online petition pushing for a second term for him has gone viral and has gathered close to 60,000 signatures in support.

The petition, filed last month on change.org by Bengaluru-based Rajesh Palaria and addressed to Prime Minister Narendra Modi, has been logging support at a fast rate and had recorded 58,262 votes by Monday.

Seeking support, Rajesh Palaria says: “I was recently noticing how Shri Subramanian Swamy has been bullying and threatening him (Rajan) at large. I request all of my fellow citizens to sign this petition and seek (Prime Minister Narendra) Modi to depute Raghuram Rajan for second term as RBI Governor. He is very crucial for India Growth Story now (sic).”

Many Indian corporate leaders too have voiced their preference for an extension in Rajan’s tenure by the government.

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Equity indices fall, Sensex down 100 points

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SENSEX NIFTY MARKET
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The key Indian equity indices traded on a negative note on Friday with the BSE Sensex falling over 100 points.

Around 10.10 p.m., Sensex was trading at 49,518.63, lower by 106.13 points or 0.21 per cent from its previous close of 49,624.76.

It opened at 49,594.95 and has so far touched an intra-day high of 49,663.74 and a low of 49,361.22 points.

The Nifty50 on the National Stock Exchange was trading at 14,574.60, lower by 15.75 points or 0.11 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The Nifty has become slightly nervous after facing resistance at 14,750. While the trend still remains positive, we need to approach the index strategically.”

“On the upside we can go up to 14,800-14,900. On the downside, we have a good support at 14,300. Hence traders can initiate long positions with a target of 14,800 and a stop below 14,300,” he said.

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Sensex over 50K mark as Biden, Budget fuel fast recovery hopes

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Sensex equity Nifty
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Positive global cues and expectations of healthy quarterly results, along with that of a supportive Union Budget FY22, powered the ascent of India’s barometer index — the S&P BSE Sensex — to cross the 50,000 mark on Thursday.

However, the barometer index dipped below the psychologically important mark due to profit booking at the end of the day’s trade.

The Sensex closed at 49,624.76, lower by 167.36 points, or 0.34 per cent, from its previous close of 49,792.12.

It opened at 50,162.05 and touched a fresh all-time high of 50,184.01 points.

The Nifty50 on the National Stock Exchange (NSE) also touched a new record high of 14,753.55 points. It ended the day’s trade at 14,590.35, lower by 54.35 points, or 0.37 per cent, from its previous close.

Earlier in the day, Sensex crossed the 50,000-mark.

Coming a day after Joe Biden’s inauguration as US President, the BSE Sensex mirrored its Asian counterparts in having a gap-up opening.

In fact, the positivity sentiment led it to open above the 50,000-mark. The gains of the last 5,000 points in Sensex has come in just 32 trading sessions.

Moreover, expectations of an even faster economic recovery on the back of the vaccination programme have been cited as other factors for the up-move.

Besides, easy liquidity conditions across the global have been funnelling into India’s market, as FIIs shore up their stakes and pump-up this rally.

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Business

Mi India’s Republic Day Sale: List of TVs, Smart Bands, and Smartphones available at Huge discounts

Flipkart VIP, Amazon Prime, and Mi VIP Club members will be able to take advantage of this sale from January 19, a day before.

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Amazon Flipkart

Mi India has announced the Republic Day offer. The sale offers huge discount offers on a variety of products including smartphones, smart TVs, and Smart Bands.

Mi India’s Republic Days offer sale will start from 12 noon on January 20, 2021, which will continue till 11.59 PM on the night of January 24, 2021.

This offer can be enjoyed on the e-commerce sites Amazon, Flipkart, and Mi.com. Flipkart VIP, Amazon Prime, and Mi VIP Club members will be able to take advantage of this sale from January 19, a day before.

Mi Smart Band 4

Selling Price – 2,299

Sale price – 1,899

Mi TV Stick

Selling Price – 2,799

Sale price -2,299

Mi Box 4K

Selling Price – 3,499

Sale price – 3,299

Mi LED TV 4A PRO 108 cm (43)

Selling Price – 24,999

Sale Price – 23,999

Mi LED TV 4X 50

Selling Price – 34,999

Sale Price – 33,999

Mi Watch Revolve Midnight Black & Silver

Selling Price – 10,999

Sale price – 8,999

Earphones (TWS) – Mi True Wireless Earphones 2C

Selling Price – 2,499

Sale Price – 1,999

Earphones (TWS) – Mi True Wireless Earphones 2

Selling Price – 3,999

Sale price – 2,499

Mi Beard Trimmer 1C

Selling Price – 999

Sale Price – 799

Mi Smart Water Purifier (RO+UV)

Selling Price – 12,999

Sale price – 9,999

Redmi Earbuds S

Selling Price – 1,799

Sale price – 1,499

Redmi Smart Band

Selling Price – 1,599

Sale price – 1,299

Redmi 9i (4+ 64GB)

Selling Price – 8,299

Sale price – 7,999

Redmi 9 Prime (4+64GB)

Selling Price – 9,999

Sale price – 9,499

Redmi Note 9 (6+128GB)

Selling Price – 14,999

Sale price – 13,999

Redmi Note 9 Pro (4+128GB)

Selling Price – 15,999

Sale price – 13,999

Redmi Note 9 Pro Max (6+64GB)

Selling Price – 16,999

Sale Price – 14,999

Mi LED TV 4A PRO 80 cm (32)

Selling Price – 14,999

Sale Price – 14,499

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