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MARKET LIVE: Sensex, Nifty range-bound ahead of RBI policy; JK Bank up 20%

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Indiabulls  | Narendra Modi123


Benchmark indices are trading flat with a negative bias on Wednesday ahead of the Reserve Bank of India's monetary policy decision later in the day.

The RBI's monetary policy committee (MPC) will conclude its three-day meet and announce its decision on policy rates. As per a survey by Reuters, almost 80 per cent of 66 economists polled expected RBI to cut the repo rate by 25 bps. READ MORE

The S&P BSE Sensex slipped 27 points, or 0.1 per cent, to 36,939. Tata Steel, Axis Bank, Mahindra & Mahindra, Tata Motors, and Vedanta were the top laggards in the Sensex pack. The broader Nifty50 index, was hovering around 10,935, down 13 points, or 0.12 per cent.

The Nifty sectoral indices were trading mixed. Nifty IT, up 0.6 per cent, and Nifty Pharma, up 0.4 per cent, were among the top gainers, while Nifty Fin Service slid 0.5 per cent.

The broader market fared better than the benchmark indexes. The S&P BSE MidCap index added 26 points, or 0.2 per cent, to 13,595, while the S&P BSE SmallCap index was ruling at 12,537, up 42 points, or 0.33 per cent.

As many as 147 companies, including the likes of HCL Tech, Mahindra & Mahindra, Lupin, Voltas, Tata Steel, and Siemens are scheduled to announce their June quarter earnings today.

HCL Technologies (HCL Tech) is expected to post a revenue growth of up to 2.9 per cent in constant currency (CC) terms in its 1QFY20 results. However, rupee revenue growth is expected to be modest on sequential basis, mainly on account of rupee appreciation. READ MORE


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