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Markets cautious ahead of RBI's monetary policy

CARE Ratings expects status quo in the policy stance but retains its forecast of a possible 25 bps rate cut in April’17 Annual Monetary policy and another 25 bps during the course of FY18 provided inflation remain benign. 

Markets cautious ahead of RBI's monetary policy
Sensex was trading at 28,346.83, above 11.67 points or 0.04% and that of Nifty was at 8,775, higher by 6.70 points or 0.08%. Photo: IANS
Written By: ZeeBiz WebTeam
Updated: Wed, Feb 08, 2017
09:57 am
Mumbai, ZeeBiz WebDesk
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BSE Sensex and NSE Nifty opened flat on Wednesday ahead of Reserve Bank of India's (RBI) sixth bi-monthly monetary policy. 

At 9.28 am, Sensex was trading at 28,346.83, above 11.67 points or 0.04% and that of Nifty was at 8,775, higher by 6.70 points or 0.08%.

Top gainers on BSE Sensex were: Tata Steel at Rs 480.40 per piece (1.51%), Cipla at Rs 605 per piece (1.29%), Tata Motors at Rs 511.95 per piece (1.02%), Coal India at Rs 318.25 per piece (0.84%), Gail India at Rs 480.25 per piece (0.82%) and ONGC at Rs 194.85 per piece at Rs 194.60 (0.80%).

Top losers included: ITC at RS 274.05 per piece (1.10%), Dr Reddy's Laboratories at Rs 3042 per piece (0.72%), Axis Bank at Rs 489.25 per piece (0.68%), Infosys at Rs 940 per piece (0.50%) and ICICI Bank at Rs 286.55 per piece (0.42%).

Major companies like Hero MotoCorp, Cipla, Reliance Power, NTPC, Union Bank of India and Tata Chemicals will be announcing their third quarter financial results on Wednesday.

A Reuters poll last week showed 28 of 46 participants expect the RBI to cut the repo rate by 25 basis points to 6.0%, its lowest since November 2010. Another two expected a 50 bps cut. 

CARE Ratings expects status quo in the policy stance but retains its forecast of a possible 25 bps rate cut in April’17 Annual Monetary policy and another 25 bps during the course of FY18 provided inflation remain benign.