Domestic stocks were lackluster ahead of the RBI policy meeting outcome. Nifty opened higher but immediately gave up its initial gains to trade flat for most of the session. However, it rallied in the last hour and finally closed 38 points higher at 17398. Sectorally it was mixed with big buying in Auto and PSU Bank. The auto sector saw renewed interest after automakers released better-than-expected monthly earnings. The energy sector also remains in focus after Tata Power and Adani announced a tariff increase for the Mumbai region. Upstream oil companies were also in the spotlight after crude prices surged to a monthly high following OPEC's surprise production cut. The RBI policy announcement would be the key event to watch for this week, where investors would expect signs of a pause in rate hikes. This along with the shortened trading week would keep the market range bound.
Good kip it up
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