This bull market has legs, but time is ripe for some correction The domestic equity market opened with a gap up and the Nifty50 broke the strong resistance at 9,200 on the back of constant FII buying, which has even continued in the new financial year. The big event of the week was RBI money policy review on April 6, in which the monetary policy committee unanimously agreed to keep the repo rate unchanged, but hiked the reverse repo rate by 25 basis points from 5.75 per cen t to 6 per cent. This will give a big respite to banks, especially PSU banks, which are sitting on huge liquidity, which will now make them earn more by 25 basis points extra. This will also compensate for the losses incurred due to rising bond yields. Newly appointed Uttar Pradesh Chief Minister fulfilled the election promise by waiving off of over Rs 36,000 crore farm loans. This flies contrary to prudent fiscal discipline as highlighted strongly by the RBI Governor. Considering the size of Indian ba
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