According to money market analysts, overnight call money rates are expected to rule between repo rate and bank refinance rate (6-8 per cent). Bond prices across the board are expected to firm up from the existing levels. According to money market dealers, the bond prices shot up sharply by 45-50 paise after the announcement of rate cuts.

On Monday, the 11.40 per cent paper maturing in 2000 was quoting at Rs 100.30 in the morning. However, after the rate cuts, the prices shot up sharply by 40-45 paise as traders went on buying spree.