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In developed countries monetary policy which is unveiled by the central bank periodically is mainly aimed at keeping inflation low. In India as well as many other developing economies central banks have twin objective of controlling inflation and pushing growth.

A Sakthivel, President, Federation of Indian Export Organisations (FIEO) while commenting on the annual monetary policy stated that as anticipated the RBI has hiked short term lending rates and CRR, however, whether the 25 basis points increase across the board would be sufficient to contain the accentuating inflation which is at an average WPI of 8% and a CPI of over 13% is a matter of debate but will lead to increase in the interest rates.

Higher bond prices in Spain, good results by some big US companies and other news from abroad take turns bouncing China stock prices up and down.

The Hong Kong market lacked direction and turnover slumped as investors awaited results of a weekend European summit on the region's debt crisis.

Hong Kong followed U.S. markets lower in very thin turnover, slipping below its 10-day moving average. Hong Kong's Hang Seng Index sank 1.8 percent, and the index of Chinese companies fell 2.7 percent.