The RBI's stance on key policy rates at it's second quarter monetary policy review today will set the investor tone in trades today.
According to technical analysts, the Nifty is likely to seek support around 5,645-5,630, while face resistance around 5,685-5,700.
On the global front, US stock markets were closed on Monday as Hurricane Sandy began to batter the U.S. East Coast.
Asian shares were subdued on Tuesday after a powerful hurricane curtailed activity in U.S. markets overnight, while the dollar held gains against the yen ahead of a widely expected policy easing by the Bank of Japan later in the session.
The MSCI index of Asia-Pacific shares outside Japan was nearly flat after falling to a two-week low in the previous session.
At 700 hrs IST the SGX Nifty was flat at 5,704.
STOCKS TO WATCH
Rate sensitive stocks like Banks, Auto and Realty will remain in focus ahead of the Monetary policy.
Suzlon Energy , which defaulted on a $200 million convertible bond redemption earlier this month, has begun talks with senior secured lenders to restructure its debt over 10 years.
Reliance Media acquired 1.6 lakh shares in multiplex chain operator, Cinemax India Ltd, for more than Rs 1 crore.
Zensar Tech announced a surge in its manufacturing and BFSI verticals, with significant new wins worth over $21 million booked in the last ten days by the company.
Essar Energy plans to refinance up to $1.5 billion of its rupee debt within a couple of quarters.
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