BSE Sensex fell 36.3 points or 0.05% to 72,115.70 at 10:12 am. At the same time, the Nifty 50 declined 5.35 points or 0.02% to 21,925.15.

• Also read: Rupee rises 6 paise to 82.90 against US dollar ahead of RBI policy decision

Majority of sectoral indices traded in green. Nifty PSU Bank was up 1.83 per cent at 6,866.90. However, Nifty Auto, Nifty Realty, and Nifty FMCG slipped over 0.40 per cent as of 9.52 am.

“Nifty after opening near the 22000-zone witnessed resistance and amid volatility slipped down to take support 21850 levels and with some recovery in the second half closed above the 21900 zone. The index needs to give a decisive breach above the 22100 zone to confirm a fresh breakout and on the downside would need to sustain the 21750 levels to maintain the bias intact. The support for the day is seen at 21800 while the resistance is seen at 22100,” said, Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt.

Commenting on nifty outlook, Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The mother market US is setting new records and this provides the support to facilitate new records in India, too. The bulls are again on the front foot and will use any positive news to push the market forward.”

Vijayakumar added, “The event which will be closely watched today would be what RBI says. No rate action is expected today, but the commentary from the central bank would be keenly watched. Positive comments on the economy and any signs of a dovish tone will be positive for the markets. Even while enjoying this bull run in the market, investors should keep in mind the fact that market valuations are high and partial profit booking and moving some money to fixed income would be a safe strategy.”

Stocks that were major gainers on the NSE were Power Grid (7.11%), BPCL (3.06%), Hindalco (1.91%), SBI (1.78%), and HCL Tech (1.63%), while major losers were Britannia (-1.51%), Maruti (-1.42%), Nestle India (-1.23%), Tata Consumer Products (-0.84%) and Ultratech Cement (-0.80%)

The major stocks that had hit a 52-week high on the NSE were TRF (19.99%), Supriya Lifesciences (9.97), Trent (6.06%), Welspun Enterprises (3.56%), Intellect Design Arena (3.27%), and LIC (3.22%).