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.
Housing finance company HDFC and FMCG major Hindustan Unilever rose over 0.7%.
Country's largest lenders State Bank of India and ICICI Bank were trading marginally higher.
However, the fall in TCS and Infosys (losing for third consecutive session today after bad earnings in Q1) capped the upside; both lost around 1% while their rival Wipro was down 0.6%.
Engineering and construction major by sales Larsen & Toubro declined 0.55% and state-owned oil & gas producer ONGC slipped 0.34%.
Steel stocks took huge beating - Tata Steel tanked 2.5% and Jindal Steel tanked over 2%. Sterlite Industries was down 0.7%.
At 9:20 hours IST: Sensex, Nifty flat; Rupee rises to 54.80/$
The BSE Sensex and NSE Nifty opened marginally higher amid choppy trade on Monday due to lack of global and local cues last weekend.Globally the markets are waiting for Fed statement and locally the government's action on diesel price after presidential election this week. The Indian rupee appreciated by 34 paise to 54.80 against the US dollar.
The BSE benchmark rose 45.85 points to 17,259.55 and the NSE benchmark went up 12.25 points to 5,239.50.
Bharti Airtel, JP Associates, BHEL, Siemens, L&T, DLF, SBI, PNB, Axis Bank, ICICI Bank, IDFC, Hindalco, HCL Tech, Reliance Industries, Maruti, Cairn and ACC led the markets hgiher in early trade.
However, Tata Steel, Reliance Infrastructure, JPSL, Kotak Mahindra Bank, ONGC, NTPC and SAIL were in red.
The CNX Midcap Index rose 23 7455 About two shares advanced for every share declining on the National Stock Exchange.
In the second line shares, DCB rose 1.5% after company's net profit increased by 115% YoY to Rs 18.9 crore in the first quarter of FY13.
South Indian Bank was up 1.5% ahead of quarterly earnings today.
TVS Motor, which was the top gainer among midcaps last week, gained 1%. Sintex Industries gained further by 1.5%.
MindTree shot up 3.3% after better than expected net profit during the June quarter. Software services exporter's net profit grew by 30.9% quarter-on-quarter to Rs 89 crore.
Ballarpur Industries was up just 0.7% on talks of Avantha Power IPO.
Tree House Education surged 2.7% on large volumes.
Exide Industries declined 0.7% ahead Q1 numbers. Indraprastha Gas was down nearly 1%.
Lloyds Steel surged 5% after Miglani Group made open offer to shareholders for buying 26% stake in the company at Rs 11.65, which is premium to the current price.