Sensex, Nifty volatile ahead of RBI policy; Coal India down 2%

Epic Update Coal India

Epic Update Coal India

The market continued to consolidate as investors waited for the Reserve Bank of India’s monetary policy later today. The rate cut is unlikely but the commentary will be closely watched, especially after retail inflation eased to 5.05 percent in August from 6.07 percent in July.

The 30-share BSE Sensex was up 41.76 points at 28285.05 and the 50-share NSE Nifty gained 10.95 points at 8749.05.

The market breadth remained positive as about 1431 shares advanced against 1094 declining shares on the BSE.

A Reuters poll found the majority of market watchers expected the RBI to keep its policy repo rate – the rate at which it lends to banks – at 6.50 percent, but many expected a 25-basis-point cut by end-December. It will be the central bank’s first monetary policy decision under Patel, the former deputy governor who took over from Raghuram Rajan in September.

GAIL (up 5.81 percent) and ONGC (up 3.65 percent) were the top gainers followed by Cipla, Reliance Industries, Wipro and Tata Steel while Coal India and L&T fell 1-2 percent.
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