The Nifty is likely to scale back to 8800 on positive sentiment as Reserve Bank of India has slashed repo rate by 25 basis points in its monetary policy review. International Monetary Fund has raised India's growth forecast for this financial year to 7.6 percent but retained the global forecast to 3.1 percent, warning of downside risks.
Among global markets, Asian shares and gold retreated and bond yields were near two-week highs after markets were rattled by a report flagging the possible withdrawal of global stimulus measures.
