The RBI announced its policy update today in which they cut down the repo rate consecutively for the third time this year by 50 points to 5.5%. Additionally, RBI reduced cash reserves ratio (CRR) by 100 points to 3% to improve liquidity in the banking system. Soon after the announcement, the market gained bullish momentum in which Nifty soared by 300 points from 24700 to 25000 while Bank Nifty surged by approximately 1000 points from 55650 to 56650. Furthermore, an inflation forecast is set forth by RBI reporting a drop to 3.7% easing price pressures.
