Caution over RBI’s rate-decision subdues market; oil stocks down

Mumbai: Caution over RBI’s rate-decision along with high crude oil price subdued the Indian equity indices on Tuesday. However, healthy gains in the global stock markets and a strengthened rupee aided the domestic indices to end on a flat-to-positive note.

Investors maintained caution ahead of the three-day Monetary Policy Committee meeting of the RBI which commenced on Tuesday. The decisions will be on Thursday. The BSE Sensex closed 34.07 points or 0.09 per cent higher at 36,616.81 while the broader Nifty settled 0.20 per cent up at 10,934.35.

“Market was volatile and faced stiff resistance at 10,950 levels. However, investors got bargaining opportunity in auto and private banks post the January auto sales and in expectation of dovish RBI monetary policy,” said Vinod Nair, Head of Research, Geojit Financial Services.

Stock-wise, HeroMoto Corp, IndusInd Bank, Bajaj-Auto and Maruti Suzuki closed 2 per cent higher while Mahindra and Mahindra gained 1.40 per cent. The top losers among the 30-stock Sensex were Tata Motors, Tata Motors(DVR), Coal India, ONGC and Tata Steel, all of whom declined in the range of 2 to 3 per cent. (IANS)

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