Sensex cautious ahead of RBI MPC meet; Shankara Building jumps 25%

Benchmark indices remained rangebound in morning ahead outcome of two-day Monetary Policy Committee meeting due tomorrow.

The 30-share BSE Sensex was down 38.43 points at 29,871.79 and the 50-share NSE Nifty fell 4.50 points to 9,233.35.

The broader markets outperformed benchmarks, with the BSE Midcap index rising 0.4 percent and Smallcap gaining 0.7 percent on positive market breadth. About five shares advanced for every two shares declining on the exchange.

Shankara Building Products share price opened sharply higher at Rs 573 on Wednesday, a whopping 24.66 percent premium over its issue price of Rs 460.

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