{"id":67610,"date":"2026-06-05T17:26:47","date_gmt":"2026-06-05T11:56:47","guid":{"rendered":"https:\/\/www.equentis.com\/blog\/?p=67610"},"modified":"2026-06-05T17:26:49","modified_gmt":"2026-06-05T11:56:49","slug":"indian-stock-market-advances-ahead-of-rbi-monetary-policy-announcement","status":"publish","type":"post","link":"https:\/\/www.equentis.com\/blog\/indian-stock-market-advances-ahead-of-rbi-monetary-policy-announcement\/","title":{"rendered":"Indian Stock Market Advances Ahead of RBI Monetary Policy Announcement"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\n<h2 class=\"wp-block-heading\">Summary<\/h2>\n\n\n\n<p>The Indian stock market moved higher ahead of the Reserve Bank of India&#8217;s (RBI) monetary policy announcement as investors positioned themselves for potential policy support, interest rate decisions, and guidance on economic growth and inflation. Benchmark indices such as the Nifty 50 and Sensex witnessed buying interest across sectors, reflecting optimism that the central bank may continue measures aimed at supporting economic momentum. While markets are anticipating a favorable outcome, investors remain focused on the RBI&#8217;s commentary regarding inflation, liquidity, interest rates, and future economic prospects.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Introduction<\/h2>\n\n\n\n<p>The Indian stock market often reacts strongly to major policy announcements, and few events carry as much significance as the RBI&#8217;s monetary policy decision. As investors await the latest policy outcome, market sentiment has turned positive, with benchmark indices advancing in anticipation of the central bank&#8217;s next move.<\/p>\n\n\n\n<p>Monetary policy decisions influence borrowing costs, corporate profitability, consumer spending, and overall economic growth. Consequently, traders, institutional investors, businesses, and retail participants closely track every signal emerging from the RBI.<\/p>\n\n\n\n<p>The latest market rally ahead of the policy announcement highlights growing expectations that the central bank may strike a balance between controlling inflation and supporting economic growth. Whether the RBI decides to adjust rates or maintain the status quo, its guidance is expected to set the tone for market movements in the coming weeks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Understanding the Importance of RBI Monetary Policy<\/h2>\n\n\n\n<p>The Reserve Bank of India plays a crucial role in managing the country&#8217;s monetary framework. Through its Monetary Policy Committee (MPC), the RBI determines key interest rates that influence economic activity across sectors.<\/p>\n\n\n\n<p>The most closely watched policy tool is the repo rate, which is the rate at which commercial banks borrow money from the RBI.<\/p>\n\n\n\n<p>Changes in interest rates affect:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Loan EMIs for consumers<\/li>\n\n\n\n<li>Borrowing costs for businesses<\/li>\n\n\n\n<li>Banking sector profitability<\/li>\n\n\n\n<li>Housing demand<\/li>\n\n\n\n<li>Automobile sales<\/li>\n\n\n\n<li>Investment activity<\/li>\n\n\n\n<li>Inflation management<\/li>\n<\/ul>\n\n\n\n<p>Because of these widespread effects, stock markets often experience heightened volatility around RBI policy announcements.<\/p>\n\n\n\n<p>Investors not only focus on the rate decision itself but also on the central bank&#8217;s outlook regarding inflation, GDP growth, liquidity conditions, and future policy actions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why the Indian Stock Market Is Rising Ahead of the RBI Decision<\/h2>\n\n\n\n<p>Several factors have contributed to the recent upward movement in Indian equities ahead of the monetary policy announcement.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Expectations of Policy Support<\/h3>\n\n\n\n<p>Market participants are increasingly optimistic that the RBI may continue supporting economic growth through accommodative measures or a favorable policy stance.<\/p>\n\n\n\n<p>Even if rates remain unchanged, a growth-oriented outlook from the central bank can boost investor confidence.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Moderating Inflation Trends<\/h3>\n\n\n\n<p>Recent inflation indicators have shown signs of moderation compared to previous periods. A stable inflation environment provides policymakers with greater flexibility in supporting economic expansion.<\/p>\n\n\n\n<p>Investors view easing inflation as a positive signal because it reduces pressure on the RBI to tighten monetary conditions aggressively.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Strong Domestic Economic Activity<\/h3>\n\n\n\n<p>India&#8217;s economy continues to demonstrate resilience across various sectors, including manufacturing, services, infrastructure, and consumption.<\/p>\n\n\n\n<p>Strong economic activity often encourages investors to increase exposure to equities, particularly when supported by stable monetary conditions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Foreign Investor Participation<\/h3>\n\n\n\n<p>Foreign Institutional Investors (FIIs) have been closely monitoring India&#8217;s growth prospects. Expectations of supportive monetary policy can improve capital inflows into emerging markets like India.<\/p>\n\n\n\n<p>A favorable policy outcome may further strengthen investor confidence in Indian equities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sector-Wise Market Performance Before the Announcement<\/h2>\n\n\n\n<p>Different sectors tend to react differently to expectations surrounding RBI policy decisions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Banking Stocks<\/h3>\n\n\n\n<p>Banking shares are often among the most closely watched during monetary policy periods.<\/p>\n\n\n\n<p>Lower interest rates generally support:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Increased credit growth<\/li>\n\n\n\n<li>Higher loan demand<\/li>\n\n\n\n<li>Improved economic activity<\/li>\n<\/ul>\n\n\n\n<p>However, banks also monitor net interest margins, which can be influenced by policy changes.<\/p>\n\n\n\n<p>Private sector and public sector banking stocks often witness increased trading activity ahead of policy announcements.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Financial Services<\/h3>\n\n\n\n<p>Non-banking financial companies (NBFCs) are particularly sensitive to interest rate movements.<\/p>\n\n\n\n<p>Lower borrowing costs can improve lending profitability and encourage credit expansion.<\/p>\n\n\n\n<p>As a result, financial services stocks frequently benefit from expectations of supportive policy measures.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Real Estate Sector<\/h3>\n\n\n\n<p>Real estate companies often gain when interest rates are expected to remain stable or decline.<\/p>\n\n\n\n<p>Lower home loan rates can improve housing affordability, leading to increased property demand and stronger sales momentum.<\/p>\n\n\n\n<p>Developers, housing finance companies, and related sectors may see positive investor interest.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Automobile Industry<\/h3>\n\n\n\n<p>Vehicle purchases are often financed through loans.<\/p>\n\n\n\n<p>Lower financing costs can stimulate demand for passenger vehicles, two-wheelers, and commercial vehicles.<\/p>\n\n\n\n<p>This makes auto stocks particularly responsive to monetary policy expectations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Infrastructure and Capital Goods<\/h3>\n\n\n\n<p>Large infrastructure projects depend heavily on financing availability and borrowing costs.<\/p>\n\n\n\n<p>Supportive monetary conditions can encourage investment activity and improve project viability.<\/p>\n\n\n\n<p>As a result, infrastructure and capital goods stocks often benefit from favorable policy expectations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Bigger Economic Picture<\/h2>\n\n\n\n<p>While the immediate focus remains on the RBI decision, broader economic factors continue to shape market sentiment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">India&#8217;s Growth Outlook<\/h3>\n\n\n\n<p>India remains one of the world&#8217;s fastest-growing major economies. Government spending, infrastructure development, digital transformation, and rising consumption continue to support long-term growth.<\/p>\n\n\n\n<p>The RBI&#8217;s policy approach is expected to balance this growth momentum while maintaining macroeconomic stability.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Global Economic Conditions<\/h3>\n\n\n\n<p>Indian markets do not operate in isolation.<\/p>\n\n\n\n<p>Global factors influencing sentiment include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>US Federal Reserve policy decisions<\/li>\n\n\n\n<li>Global inflation trends<\/li>\n\n\n\n<li>Crude oil prices<\/li>\n\n\n\n<li>Geopolitical developments<\/li>\n\n\n\n<li>Currency fluctuations<\/li>\n<\/ul>\n\n\n\n<p>The RBI often considers these external factors while framing policy decisions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Currency Stability<\/h3>\n\n\n\n<p>The Indian Rupee remains an important factor for both domestic and foreign investors.<\/p>\n\n\n\n<p>A stable currency environment helps attract capital inflows and supports market confidence.<\/p>\n\n\n\n<p>The RBI&#8217;s commentary regarding currency stability and liquidity management will likely receive close attention from investors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Investors Will Watch in the RBI Announcement<\/h2>\n\n\n\n<p>The headline repo rate decision is important, but market participants will closely analyze several additional aspects of the policy statement.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Interest Rate Outlook<\/h3>\n\n\n\n<p>Investors want clarity on whether the RBI sees room for future rate adjustments.<\/p>\n\n\n\n<p>Forward guidance often influences market movements more than the actual rate decision itself.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Inflation Forecast<\/h3>\n\n\n\n<p>Inflation remains a critical policy consideration.<\/p>\n\n\n\n<p>Any revision in inflation projections could affect expectations regarding future monetary actions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">GDP Growth Projections<\/h3>\n\n\n\n<p>Growth estimates provide valuable insights into the central bank&#8217;s confidence in the economy.<\/p>\n\n\n\n<p>Higher growth forecasts generally support positive market sentiment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Liquidity Measures<\/h3>\n\n\n\n<p>The RBI may announce liquidity-related measures aimed at improving credit availability and financial system stability.<\/p>\n\n\n\n<p>Such announcements can significantly influence banking and financial sector stocks.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Commentary on Global Risks<\/h3>\n\n\n\n<p>Investors will carefully evaluate the RBI&#8217;s assessment of international economic developments and their potential impact on India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Opportunities for Investors<\/h2>\n\n\n\n<p>Periods surrounding monetary policy announcements can create investment opportunities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Quality Banking Stocks<\/h3>\n\n\n\n<p>Strong banks with healthy balance sheets may benefit from favorable credit growth trends.<\/p>\n\n\n\n<p>Investors often monitor leading private and public sector banks during policy cycles.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Consumption-Oriented Businesses<\/h3>\n\n\n\n<p>Companies linked to consumer spending may benefit if supportive policy conditions improve purchasing power and economic confidence.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Housing and Real Estate<\/h3>\n\n\n\n<p>Stable borrowing costs can strengthen housing demand over time.<\/p>\n\n\n\n<p>Investors may explore opportunities within real estate developers, housing finance companies, and construction-related businesses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Infrastructure Growth Themes<\/h3>\n\n\n\n<p>Government infrastructure spending combined with supportive financing conditions can create long-term opportunities in capital goods and infrastructure sectors.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Long-Term Equity Investing<\/h3>\n\n\n\n<p>Short-term market reactions can be unpredictable. However, investors focused on long-term wealth creation often use periods of volatility to build positions gradually in fundamentally strong companies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Risks Investors Should Consider<\/h2>\n\n\n\n<p>While market optimism remains strong, investors should remain aware of potential risks.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Unexpected Policy Decisions<\/h3>\n\n\n\n<p>If the RBI delivers a more cautious stance than anticipated, markets may experience short-term volatility.<\/p>\n\n\n\n<p>Investor expectations often influence reactions more than the decision itself.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Inflation Concerns<\/h3>\n\n\n\n<p>Inflation remains a key risk factor.<\/p>\n\n\n\n<p>If inflationary pressures re-emerge, future policy flexibility could become limited.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Global Market Volatility<\/h3>\n\n\n\n<p>International developments can quickly affect domestic market sentiment.<\/p>\n\n\n\n<p>Changes in global interest rates, geopolitical tensions, or commodity prices can influence investor behavior.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Valuation Risks<\/h3>\n\n\n\n<p>After extended market rallies, some sectors may trade at elevated valuations.<\/p>\n\n\n\n<p>Investors should evaluate company fundamentals rather than relying solely on market momentum.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Short-Term Market Reactions<\/h3>\n\n\n\n<p>Policy announcements frequently trigger immediate market swings.<\/p>\n\n\n\n<p>Short-term traders should be prepared for volatility during and after the announcement.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Retail Investors Can Approach the Current Market Environment<\/h2>\n\n\n\n<p>For retail investors, RBI policy events can appear overwhelming. However, maintaining a disciplined approach often proves more effective than reacting emotionally to short-term market movements.<\/p>\n\n\n\n<p>Some practical considerations include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Focus on long-term financial goals<\/li>\n\n\n\n<li>Diversify investments across sectors<\/li>\n\n\n\n<li>Avoid excessive speculation around policy events<\/li>\n\n\n\n<li>Review asset allocation periodically<\/li>\n\n\n\n<li>Invest systematically through SIPs where appropriate<\/li>\n\n\n\n<li>Prioritize fundamentally strong businesses<\/li>\n<\/ul>\n\n\n\n<p>Market volatility around policy announcements can create both opportunities and risks. A structured investment approach can help investors navigate uncertainty more effectively.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>The Indian stock market&#8217;s advance ahead of the RBI monetary policy announcement reflects growing investor optimism regarding the central bank&#8217;s approach toward balancing growth and inflation. Positive sentiment across banking, financial, real estate, and infrastructure sectors suggests that market participants expect supportive policy signals or stable monetary conditions.<\/p>\n\n\n\n<p>However, the policy decision itself is only one part of the equation. Investors will also focus on the RBI&#8217;s guidance regarding inflation, growth projections, liquidity management, and global economic risks. These factors will likely shape market direction in the coming weeks and months.<\/p>\n\n\n\n<p>While short-term volatility remains possible, India&#8217;s broader economic fundamentals continue to attract investor attention. For long-term investors, maintaining discipline, focusing on quality businesses, and avoiding emotional reactions to policy-driven market swings remain important principles.<\/p>\n\n\n\n<p>As the RBI unveils its latest policy stance, the market&#8217;s response will provide valuable insights into investor expectations and the outlook for India&#8217;s economic growth journey.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">FAQs<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Why is the Indian stock market rising before the RBI monetary policy announcement?<\/h3>\n\n\n\n<p>Investors are anticipating supportive policy measures, stable interest rates, favorable growth guidance, and manageable inflation levels, which have boosted market sentiment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. What is the RBI Monetary Policy Committee (MPC)?<\/h3>\n\n\n\n<p>The MPC is a committee within the RBI responsible for deciding key interest rates and managing monetary policy to maintain price stability and support economic growth.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. What is the repo rate?<\/h3>\n\n\n\n<p>The repo rate is the interest rate at which commercial banks borrow funds from the RBI. It is one of the primary tools used to influence economic activity.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. How does an RBI rate cut affect the stock market?<\/h3>\n\n\n\n<p>A rate cut can lower borrowing costs, encourage spending and investment, improve corporate earnings potential, and often support stock market performance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Which sectors benefit the most from lower interest rates?<\/h3>\n\n\n\n<p>Banking, financial services, real estate, automobiles, infrastructure, and consumer discretionary sectors often benefit from lower borrowing costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Can the stock market fall even if the RBI keeps rates unchanged?<\/h3>\n\n\n\n<p>Yes. Markets react to expectations. If investors expect a more supportive stance and do not receive it, stocks may decline despite unchanged rates.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7. Why is inflation important for RBI policy decisions?<\/h3>\n\n\n\n<p>The RBI aims to maintain price stability. High inflation can reduce purchasing power and may require tighter monetary policy measures.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">8. How do foreign investors react to RBI policy announcements?<\/h3>\n\n\n\n<p>Foreign investors assess the impact on economic growth, currency stability, and investment returns before making allocation decisions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">9. Should retail investors make investment decisions based solely on RBI announcements?<\/h3>\n\n\n\n<p>No. Investors should consider long-term goals, company fundamentals, diversification, and overall market conditions rather than relying solely on policy events.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">10. What should investors watch after the RBI policy announcement?<\/h3>\n\n\n\n<p>Investors should monitor the RBI&#8217;s inflation outlook, growth projections, future rate guidance, liquidity measures, and market reactions across key sectors.<\/p>\n\n\n\n<p class=\"has-ast-global-color-5-color has-vivid-red-background-color has-text-color has-background has-link-color wp-elements-e86fd587e2d124f6150f0adba7a93ed0\">Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL &amp; certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary The Indian stock market moved higher ahead of the Reserve Bank of India&#8217;s (RBI) monetary policy announcement as investors [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":67614,"comment_status":"closed","ping_status":"0","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[948],"tags":[],"class_list":["post-67610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-market-news"],"_links":{"self":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/67610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/comments?post=67610"}],"version-history":[{"count":1,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/67610\/revisions"}],"predecessor-version":[{"id":67616,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/posts\/67610\/revisions\/67616"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/media\/67614"}],"wp:attachment":[{"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/media?parent=67610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/categories?post=67610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.equentis.com\/blog\/wp-json\/wp\/v2\/tags?post=67610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}