Sensex rangebound as RBI policy eyed; Infosys dips, TCS gains

Epic Update TCS
Epic Update TCS

The market remained directionless in morning, with the Nifty gyrating in a 20 points range. Investors maintained cautious stance ahead of RBI monetary policy committee’s decision.

Motilal Oswal believes a favorable inflation trajectory and a brave Union Budget that resisted calls for consumption stimulus give sufficient room to the RBI to cut policy rates by 25 basis points to 6 percent.

The 30-share BSE Sensex declined 11.75 points to 28323.41 and the 50-share NSE Nifty rose 1.75 points to 8770.05 but the broader markets continued to outperform on positive breadth.

Infosys shares fell around 1 percent after sources told CNBC-TV18 that founders NR Narayana Murthy, Kris Gopalakrishnan, and Nandan Nilekani among others are learnt to have raised concerns over the governance of the company.

Tata Steel gained half a percent after better-than-expected earnings in Q3.

Titan Company shares surged nearly 8 percent on the back of healthy growth in third quarter despite demonetisation. CLSA has upgraded the stock to buy from underperform and also increased target price to Rs 500 from Rs 372 after raising EPS forecasts by 9-24 percent.

ICICI Bank, Axis Bank and HDFC were losers while HDFC Bank, TCS, Tata Motors, Asian Paints and Mahindra & Mahindra gained.
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