Indian equity benchmarks were completely listless in trade today as it is waiting for inflation numbers because that will decide the RBI's move in quarterly monetary policy review on July 31. Market experts on average expect inflation around 7.61% for June and core inflation in the range of 4.9-5.5%.
But, analysts feel the Reserve Bank of India will not cut interest rates in near term. Deutsche Bank does not see any triggers for RBI to ease on July 31. According to them, role of policy will be crucial in containing food inflation.
The BSE benchmark went up just 11.35 points to 17,225.05 and the NSE benchmark gained 2.85 points at 5,230.10. The broader markets too were flat.
Top telecom operator Bharti Airtel topped the buying list, rising 1.85%. Even pharma stocks like Dr Reddy's Labs and Cipla, and car maker Maruti Suzuki gained more than 1.5%.
Commercial vehicle manufacturer Tata Motors and utility vehicle maker Mahindra & Mahindra moved up 1% each.