Indian shares edged up in the afternoon session on Tuesday, led by select financials, consumer goods and auto stocks but gains remained muted ahead of the Reserve Bank of India policy meet outcome later this week.
The street expects the RBI to slash key lending rate by 0.25 percent on February 7 in view of benign inflation, said an SBI research report.
At 12.32 pm, the Sensex was up by 97 points, or 0.26 percent, at 36,679. The broader 50-share Nifty also gained 37 points, or 0.34 percent, to 10,949. Broader markets continued to underperform with the Nifty MidCap index down by 0.09 percent.
Among the sectoral indexes, Nifty media index surged almost 2 percent, leading the 28 advancing sectors, which also included BSE Consumer Durables, BSE and Nifty Auto and Nifty Consumption.
BSE Telecom dipped 1.5 percent, the weakest among 15 declining sectors. Realty and FMCG were other falling sectors.
Among the top index gainers, shares of Zee Entertainment, Titan, IndusInd Bank, Bajaj Auto, M&M, Hero Moto and Bajaj Finance, rose between 1 and 4 percent.
Among the laggards, Bharti Airtel, Bharti Infratel, Tata Motors, Coal India, Indian Oil, ITC and ICICI Bank declined between half a percent and 2 percent.
Bharti Airtel shares declined after Moody’s Investors Service downgraded the senior unsecured rating of Bharti Airtel to 'Ba1' from 'Baa3' over concerns about improvement in the company's profitability, cash flow situation and debt.
Shares of IRB Infrastructure Developers slipped 8 percent despite the company posting a 5.5 percent rise in its third quarter (Q3FY19) net profit. Citi maintained a 'sell' rating on the stock and cut target price to Rs 139 from Rs 185 per share.
Shares of Jubilant Foodworks slipped over 4 percent after the operator of Dominos Pizza chain in India was found guilty of not passing on GST-cut benefit of Rs 41.42 crore on sale of some pizza products.
In the currency market, the rupee traded at 71.69 per US dollar at 12.42 pm. The home currency had opened at 71.70 against the US dollar, edging slightly higher from Monday's close of 71.80 against the greenback.
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First Published: IST