Sensex, Nifty consolidate ahead of RBI policy; India Grid falls 6%
Equity benchmarks continued to be rangebound after hitting record highs in opening. Investors awaited the outcome of two-day RBI monetary policy due on Wednesday.
The 30-share BSE Sensex was up 9.78 points at 31,319.27 and the 50-share NSE Nifty fell 3.50 points to 9,671.60.
TCS was the biggest gainer among Sensex stocks, up 4 percent followed by Infosys, HDFC and SBI while ITC, Asian Paints, ONGC, L&T, Adani Ports, Tata Motors and Bharti Airtel were under pressure.
The broader markets also entered into consolidation. About 1,152 shares declined against 881 advancing shares on the BSE.
The Indian rupee gained further in early trade. It opened at 64.32 against the US dollar, up 4 paise compared with previous close of 64.36 a dollar.
Rupee has showed strength and is trading near the 64.30 a dollar pivot which is expected to hold.He expects USD-INR pair to trade within a range of 64.30-64.50 a dollar for the day.
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