Equity Market Review

Indian markets saw improved sentiment and registered highest single-day gain in almost a decade led by Finance Ministry’s historic decision to slash the corporate tax rate to 22% from 30% (excluding surcharge and cess). Impact of corporate tax reforms resulted in positive FPI’s flows (~$1 bn) in Indian markets after a sharp sell-off seen in August.

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Debt Market Review

Indian sovereign bond ended 14 bps higher to 6.70% in September. The Reserve Bank of India has cut its benchmark repo rate by 25 basis points to 5.15%, in the fifth straight interest rate cut. In this year, the central bank has cut rates four times by 110 basis points.

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RBI Monetary Policy

The Monetary Policy Committee (MPC) today reduced repo rate by 25 bps from 5.40% to 5.15%. The stance of the policy remained unchanged at “accommodative”. Five member of the MPC voted to cut rates by 25 bps whereas one member (Dr. Ravindra H. Dholakia) voted for a 40 bps rate cut.

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