Dollar Advisory Update Of 28 Nov 2016 : Nifty Rangebound, Midcap Outperforms

The Sensex was up 21.34 points at 26337.68 and the Nifty gained 6.80 points at 8121.10. About 1457 shares advanced against 652 declining shares on the BSE. 10:50 am CRR hiked: RBI has raised CRR to 100 percent on incremental deposits, post a deluge of liquidity to the banking system due to demonitisation. The additional CRR is applicable on incremental deposit growth from September 26 to be reviewed periodically (every fortnight), but with a likely influx of liquidity continuing, it seems that it would continue beyond the near term and possibly over next 3-4 months. The CRR hike for now would reduce the market liquidity by Rs 3-3.5 trillion and will suck out more as deposit influx increases, says Deutsche Bank.

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