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Markets Trade Higher; Await RBI Monetary Policy
Benchmark indices were trading flat in line with subdued global cues, after oil prices resumed a fresh decline.
Most Asian markets were trading lower after a decline in the US and European markets on Monday. The Sensex was up 36 points, while the Nifty was up 7 points in trade.
Banking stocks were marginally weak in trade ahead of the RBI's Monetary Policy. ICICI Bank continued to decline and hit a fresh 52-week low of Rs 216. Other banking stocks were mostly subdued ahead of the RBI's Monetary Policy to be unveiled at 11 am.
Oil and gas stocks fell, after oil prices continued to show a decline. ONGC and OIL India were both trading lower.
Midcap stocks were also trading flat in line with the index stocks. However, Sun TV dropped a huge 3 per cent in trade, while GMR Infra was the other loser in trade from the midcap space.
Tech Mahindra, which reported results that largely met estimates, was marginally down in trade. Meanwhile, most of the Asian markets were trading in the red. The Hong Kong's Hang Sang and the Singapore's Strait Times were both leading declines.
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