Nifty choppy as investors await cues from monetary policy

Epic Update HDFC Bank
Epic Update HDFC Bank

Benchmark indices continued to be listless in noon as investors awaited cues from the RBI monetary policy later in the day. Corporate earnings will also be closed watched.

The 30-share BSE Sensex was down 29.96 points at 28305.20 and the 50-share NSE Nifty gained 0.15 points at 8768.45. About 1446 shares advanced against 1112 declining shares on the BSE.

Earnings growth this quarter might remain soft, but investors are in the mood to invest and there is palpable optimism around India, said Rashesh Shah of Edelweiss Financial.

Corporate India has managed to limit the impact of demonetisation by trimming discretionary expenditure, he said.

HDFC Bank, Tata Motors, TCS, M&M, Wipro and Cipla gained 0.5-1.5 percent while ITC, Infosys, Axis Bank, ICICI Bank, HDFC and L&T were under pressure.

Crude oil prices declined as a massive increase in US fuel inventories and a slump in Chinese demand implied that global crude markets remain oversupplied despite OPEC-led efforts to cut output. Brent crude futures, the international benchmark for oil prices, were trading at USD 54.77 per barrel, down 0.44 percent, from their previous close.
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