10:19 Indian equity benchmarks were consolidating at around previous closing values as they need a trigger to take two-day rally further from here on. Trigger may be from the Reserve Bank of India; from which majority of experts don't expect cut in policy rates and cash reserve ratio, but few analysts still feel the RBI may cut repo rate by 25 basis points.
Ajay Srivastava, CEO, Dimensions Consulting, says that the market is not expecting any policy action today from the RBI.
Globally every market is waiting for decision from the Federal Reserve's meet (which will begin today) and European Central Bank's meet (which will be on Thursday). Experts expect some strong policy measures from both to give a boost to sluggish economies.
Back home, the BSE benchmark fell just 0.92 points to 17,142.76 and the NSE benchmark declined 4 points to 5,195.70.
Cigarette major ITC and state-owned oil & gas producer ONGC gained 1% each. Drug producer Cipla rallied 2.5% ahead of first quarter numbers today.
Housing finance company HDFC and utility vehicle maker M&M were up 0.5% each.
Software services exporters TCS and Wipro went up 0.55% and 1.75%, respectively while their rival Infosys was down 0.4%.
Telecom operator Bharti Airtel topped the selling list, losing more than 2%. Two-wheeler majors Hero Motocorp and Bajaj Auto lost 1%-1.5% while commercial vehicle make Tata Motors declined 0.9%.
Country's largest lender State Bank of India went down 1% while its rival ICICI Bank was down just 0.2%.
State-owned power equipment manufacturer BHEL and engineering and construction major Larsen & Toubro were down 0.8% and 0.2%, respectively.
09:20 Nifty, Sensex volatile; Cipla, Wipro top gainers The BSE Sensex and NSE Nifty opened with marginal gains on Tuesday following positive Asian cues. The market was consolidating at current levels after 500 points rally on the Sensex in previous two sessions. Read More »