Nifty marks record a day ahead of RBI's rate decision

Reuters Market Eye - The Nifty edged higher on Monday after earlier hitting a fresh record high of 8,623 as shares made a cautious advance ahead of the Reserve Bank of India's policy review on Dec. 2.

The Nifty was up 0.15 percent while the BSE Sensex was 0.09 percent higher as of 10:28 a.m.

Markets were pricing in a rate cut although only 4 out of 45 economists in a Reuters poll said the RBI will cut rates.

Shares in lenders rose.

ICICI Bank was up 0.8 percent and Axis Bank gained 1.8 percent.

Oil explorers fell after crude oil hit a five-year low.

 

Oil and Natural gas Corp was down 1.4 percent while Cairn India fell 0.3 percent.

(Reporting by Abhishek Vishnoi)