Monetary Policy Review : Sensex off its highs, but up 41 points

PSP Projects makes its debut; opens at Rs. 195

Mumbai, Oct 4:  The Sensex came off its early highs and traded in a range as caution prevailed ahead of RBI announcement of its policy decision later in the day.

Asian cues remained firm, which acted as a sentiment booster. Buying in heavyweights such as oil and gas, energy, utilities and healthcare helped rack up gains.

The 30-share index resumed higher and was trading at 28,284.49 at 1141 hours, up 41.20 points, or 0.15 per cent, from its last close.

The NSE 50-share Nifty rose 11.30 points, or 0.13 per cent, to 8,749.40.

GAIL hit pay dirt, up 5.91 per cent, followed by ONGC 3.59 per cent, Cipla 2.19 per cent, Tata Steel 1.58 per cent and Sun Pharma 0.66 per cent.

Notable losers were Coal India, L&T, M&M and Axis Bank, losing up to 2.46 per cent.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 34.22 crore yesterday, according to provisional data.

Overseas, Asian markets jumped on data that showed US manufacturing activity in September picked up, a sign that the recovery of the world’s largest economy is gathering traction.

US stocks closed lower yesterday as investors digested key economic news and kept an eye on oil prices.