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The markets have posted marginal gains at opening bell ahead of the RBI's Credit Policy. The positive cues from Asian peers would have also helped Dalal Street to extend the gains of the previous session. The Sensex is quoting at 24755, higher by 70 points and the Nifty is at 7387, up 24 points. The midcap index is at 8688, up 38 points and the smallcap index is at 9250, up 53 points. All the sectoral indices are in the green, with the sole exception of the defensive FMCG space.
The key benchmark indices had surged on the first trading session of the week, with the Sensex garnering 467 points to attain its highest level in more than a week, after a manufacturing sector survey showed that production rose in the bygone month.
The Reserve Bank of India Governor Raghuram Rajan is widely expected to keep the country's key lending rate unchanged and temper his rhetoric on inflation as the government was elected on a platform of reviving economic growth.
Overnight, the Dow Jones rose 26 points to 16,743, while Nasdaq dropped five points to 4,237. The Nikkei led Asian shares higher on Tuesday, supported by solid US and Chinese manufacturing data, while the euro dragged its feet near a 3 1/2-month low on expectations of fresh monetary easing by the European Central Bank. Hang Seng is up 0.5% and Shanghai Composite is up 0.31%.
The metal pack is going strong this morning. Tata Steel has strengthened by 2.7% at Rs 506 and Sesa Sterlite has gained 2.1% at Rs 285. The information technology pack is also witnessing buying interest. Infosys has gained 0.9% at Rs 3021, Wipro has jumped by 0.7% at Rs 502 and TCS has added 0.2% at Rs 2135.
The rate-sensitive banking pack is trading mixed ahead of the policy meet. SBI has edged higher by 0.4% at Rs 2655, while Axis Bank has weakened by 0.6% at Rs 1889, ICICI Bank has lost 0.4% at Rs 1456.
The rate-sensitive banking pack is trading mixed ahead of the policy meet. SBI has edged higher by 0.4% at Rs 2655, while Axis Bank has weakened by 0.6% at Rs 1889, ICICI Bank has lost 0.4% at Rs 1456.
On the other hand, the FMCG space is weak in early trades. ITC has weakened by 1.2% at Rs 333 and Hindustan Unilever has shed 0.6% at Rs 596.
The market breadth is strong. Out of 1310 stocks traded on the BSE, there are 910 advancing stocks as againt 363 declines.
