Nifty up 10 points ahead of RBI meet, PSU banks surge

The market gained for the fourth consecutive session ahead of RBI monetary policy review tomorrow, gaining modestly by 10 points to end at 8,543.05 at the National Stock Exchange (NSE) here.
The index witnessed largely range-bound volatile momentum as sentiments were buoyant as well as cautious with retirement body EPFO starting the process of investing in the stock market this week.
The Reserve Bank's bi-monthly policy review is scheduled tomorrow and investors are hoping for a rate-cut in the midst of amiable situation on the ground.
PSU banks maintained rally with 3.86 per cent surge in its stocks in today's trade on government capital infusion plans, followed by auto, finances, FMCG, pharma and realty supporting the market.

However, IT, metal and energy counters incurred profit-booking.
The broader 50-share Nifty opened lower at 8,510.65 and fluctuated between 8,563.95 and 8,508.10 before closing at 8,543.05, showing a modest gain of 10.20 points, or 0.12 per cent.

Major gainers were Bank of Baroda (4.14 per cent), SBIN (4.07 per cent), ICICI Bank (3.47 per cent), PNB (2.68 per cent), Bosch Ltd (2.59 per cent), ITC (1.70 per cent), Tata Motors (1.13 per cent) and Sun Pharma (1.04 per cent).
Notable losers were HCL Tech (5.95 per cent), VEDL (2.53 per cent), BPCL (1.94 per cent), Lupin (1.93 per cent) and M&M (1.88 per cent).

Turnover in the cash segment declined to Rs 19,170.94 crore as compared to Rs 21,358.85 crore last Friday.
A total of 11,124.93 lakh shares changed hands in 87,56,325 trades and the total market capitalisation of NSE stood at Rs 1,02,06,786 crore.