The Reserve Bank of India has hiked the repo rate by 25 bps to 8% from 7.75% to contain inflaiton concerns.There has been no change in reverse repo rate.

The next trigger for the market is the industrial production numbers for April 2008, which the government will unveil on Thursday, 12 June 2008 will play a crucial role and the market may also be keeping a watch on this to take further direction.Also the corporate advance tax payments for the first installment which falls due on 15 June 2008 will be another near term trigger for the market. The income tax law requires a company to 15% the estimated tax liability for the year as advance tax in the first installment.

Intraday Trading Call
SELL LT Around 2677 Tgt 2618,2567,2525,2420 S.l 2720
SELL RIL Around 2280 Tgt 2218,2183,2135 S.l 2318