A morning walk down Dalal Street | Close above 10,930 can put bulls back in control

A weak day for Indian markets thanks to global cues but benchmark indices managed to pull back slightly towards the close of the session. The S&P BSE Sensex which was down over 300 points recouped some losses and closed 249 points down at 35,884.

The Nifty50 witnessed deep cuts as it slipped below its crucial support placed at 10800 levels. The index finally closed 86 points down at 10,782. 

The outcome of the MPC committee was the driving factor behind the small recovery which we saw in the market. The RBI maintained the status quo on its crucial repo and reverse repo rates while the SLR is reduced to 18 percent compared to 19.5 percent.