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Nifty hovers around 8700 ahead of RBI policy; Tata Power up 5%

Equity benchmarks continued to consolidate with the Nifty hovering around 8700 level after two-day rally and ahead of RBI monetary policy.

The market has opened flat as investors prepare for Raghuram Rajan's last monetary policy review in few hours. Outgoing governor Raghuram Rajan is not expected to tinker with rates as he presents his last monetary policy today. According to a CNBC-TV18 poll shows attention has moved from rates to liquidity, 70 percent of the respondents expect him to keep liquidity at current excess.

The Sensex is down 11.07 points at 28171.50, and the Nifty is down 6.70 points at 8704.65. About 508 shares have advanced, 327 shares declined, and 40 shares are unchanged.

Lupin, Tata Motors, ONGC, M&M and Coal India are top gainers while Bajaj Auto, TCS, Hero MotoCorp, Reliance and Infosys are losers in the Sensex. Idea is down 4 percent post Q1 results. The Indian rupee opened flat at 66.84 per dollar versus previous close 66.84.

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