Share Market Update: Sensex, Nifty log mild gains as RBI policy meeting begins

Key domestic benchmark indices Sensex and Nifty logged mild gains during the late afternoon trade session on the sidelines of RBI monetary policy review meeting.

This is Das' first monetary policy review as the RBI chief. (Image: PTI)

Share Market Update: Key domestic benchmark indices Sensex and Nifty logged mild gains during the late afternoon trade session on Tuesday on the sidelines of Reserve Bank of India (RBI) monetary policy review meeting. After trading in a range through the day, the 30-share Sensex ended 34.07 points, or 0.09 per cent, higher at 36,616.81. Likewise, the NSE Nifty edged up 22.10 points, or 0.20 per cent, to 10,934.35. Tops gainers in Sensex pack were companies like Hero MotoCorp, IndusInd Bank, Bajaj Auto, Maruti and Mahindra & Mahindra, rising up to 2.66 per cent. On the other hand, shares of Tata Motors, Coal India, ONGC, Tata Steel, Yes Bank, Sun Pharma, ITC and ICICI Bank fell up to 2.63 per cent. Traders felt that investors were cautious, awaiting cues from the RBI’s monetary policy review which has begun under the supervision of new RBI Governor Shanktikanta Das. This is his first monetary policy review as the RBI chief. The Central Bank began its three-day meet to decide on key rates amid expectations that it would change stance to neutral on low inflation but may not cut rates due to fiscal challenges and rising oil prices. However, the broader indices witnessed a stiff dip with the BSE Midcap and Smallcap sliding up to 0.91 per cent. Sectors such as real estate, metals and FMCG indices ended in the red, while auto and financial services ended higher. The provision data available with the BSE showed that on a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 112.13 crore on Monday and domestic institutional investors (DIIs) were net sellers to the tune of Rs 65.22 crore. Other Asian share markets such as Japan's Nikkei slipped 0.19 per cent. Bourses in China, South Korea, Singapore and Indonesia remained closed for the Lunar New Year. According to a report by PTI, Frankfurt's DAX in the Eurozone was up 0.83 per cent, while Paris CAC 40 rose 0.77 per cent in late morning deals. London's FTSE surged 1.12 per cent. Indian currency, meanwhile, rebounded 4 paise against the US dollar to 71.76 intra-day. The benchmark Brent crude futures rose 0.64 per cent to USD 62.91 per barrel. (With inputs from PTI)