Sensex, Nifty drop marginally; ITC, Tata Steel in focus

Domestic markets on Tuesday opened marginally down amid weak global cues. At 0936 hours Sensex was trading at 28,414.82, down 24.46 points or 0.09%, while Nifty was at 8,784.70, down 16.35 points or 0.19%. 

The markets are likely to remain cautious today ahead of the Reserve Bank of India's monetary policy review which will be announced on Wednesday. 

On 30-share benchmark, among top gainers were Sun Pharmaceuticals (1.27%), ITC (0.94%), Lupin (0.82%), Gail (0.66%) and Tata Steel (0.65%). Among top losers were Tata Motors (-1.10%), ICICI Bank (-0.86%), ONGC (-0.75%), Mahindra & Mahindra (-0.69%) and Adani Ports (-0.55%). 

After rising for nine straight days, the rupee turned weak by 13 paise to 67.35 against the dollar in early trade at the foreign exchange market today on fresh demand for the American currency from importers, a PTI report said. 

Stocks in focus:

IDBI bank: On Monday, IDBI Bank said it has cut its marginal cost of funds based lending rate (MCLR) by 30-35 basis points across various tenors. The new rates will be effective from February 1. 

ITC: Y C Deveshwar, Chairman of ITC has stepped down and the company appointed Sanjiv Puri as Chief Executive Officer. Puri assumed the charge on Monday. 

At 0929 hours the shares of the company were trading at Rs 285.90 per piece, up 3.44% or Rs 9.50 on BSE. 

Quarterly results today: Bharat Heavy Electricals, Tata Steel, Ceat, Punjab National Bank, Bhel, IDBI Bank and NHPC will be announcing their quarterly result for the quarter ended on December 31.