RBI governor did it again the unacceptable and Market does not like surprises.
Repo Rate hiked by 50 bps to 8%, effective immediately
* Reverse Repo Rate adjusts 50 bps higher to 7%
* Marginal Standing Facility now available at 9%
* Cash Reserve Ratio kept unchanged at 6%
Break of 5583 will take us back to 5550 where a gap needs to be filled