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Markets cautious ahead of RBI policy

Key equity indices were up slightly ahead of the Reserve Bank of India monetary policy review. It is widely expected that the central bank will keep policy rates unchanged and cut cash reserve ratio by 25 basis points to ease liquidity in the system.

The Sensex was up 66 points at 19,310 and the Nifty was up 18 points at 5876.

There was not much activity in small and midcap shares in early trade.

Brokers said the market is consolidating its gains, and that near term outlook remains positive on hopes that the government will be able to keep up the pace of reforms.

Jet Airways and BHEL figure among the key gainers, up around 2 percent each. JP Power was the top loser, down 6 percent. Other laggards included IPCA Lab, Oriental Bank, Union Bank and IRB Infra, all down about 1 percent each.



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