Sensex, Nifty down 0.17%; Reliance shares gain 2%

Investors were trading cautiously on Dalal Street taking both Sensex and Nifty 50 at negative levels ahead of earning season and forthcoming RBI policy review. 

At 9.20 am, Sensex was trading at 29,858.53 down by 51 points or 0.17%, while Nifty was trading at 9,222.25 below 15 points or 0.17%.

However, in pre-market opening, Sensex touched 29,996-mark and Nifty a new high of 9,264-level.

HDFC Securities said, "Indian equity markets are likely to open on a flat to negative note following Asian cues. Shares of PSU Banks and IT companies are likely to remain under focus. Pharma, Realty and NBFC sectors are expected to trade in positive zone whereas IT sector is expected to trade in negative zone. Crucial support for Nifty is at 9190 level, while strong immediate resistance is at 9237."

Top gainers on BSE involved Reliance Industries taking the lead at Rs 1,392.90 a piece up by 1.58%, followed by NTPC at Rs 166.95 a piece (1.34%), Tata Steel at Rs 490.70 a piece (1.28%), Cipla at Rs 598.90 a piece (1.21%) and Lupin at Rs 1,444.90 a piece (0.72%).

Losers were Housing Development Finance Corp at Rs 1,509.25 a piece (1.53%), Dr Reddy's Laboratories at Rs 2,714 a piece (1.17%), Asian Paints at Rs 1,078.40 a piece (1.16%), ITC at Rs 279.60 a piece (0.75%) and ICICI Bank at Rs 284.70 a piece (0.71%).

Two sectors on BSE namely metal (trading at 11,962.42) and consumer durables (trading at 15,700.07) were gaining the most by over 119.84 points and 347.74 points respectively. 

Meanwhile, Indian rupee were trading higher against US dollar. The rupee trading at 65.155 up by 0.065 paisa or 0.10% against dollar. 

Gaurav Dua, Head – Research of ShareKhan Limited said, “ The forthcoming RBI policy review and the result season would provide direction to markets going ahead.”

RBI governor along with MPC team will announce the first bi-monthly monetary policy for financial year 2017-18 on April 6, 2017

Global Indices:

Asian markets opened positive with Japan's Nikkei trading at 18,861.68 above 51 points or 0.27%.

China's Shanghai Composite Index was trading at 3,252.04 up by 29 points or 0.92% and that of Hong Kong's Hang Seng index was trading at 24,309.32 higher by 47 points or 0.20%.