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 1