Ahead of the RBI’s monetary policy review, the BSE benchmark Sensex edged up by nearly 14 points in early trade today on selective buying by participants amid hopes of a rate cut.

The 30-share barometer, which had gained 10.48 points in the previous session, moved up by 13.53 points, or 0.07 per cent, in range-bound trading to 18,649.35 with interest- sensitive banking and realty stocks rising.

Similarly, the wide-based National Stock Exchange index Nifty gained 3.60 points, or 0.06 per cent, to 5,669.20.

Brokers said some buying by funds in interest-sensitive banking and realty stocks on hopes of a rate cut by the Reserve bank in its policy review later today, influenced the trading sentiments.

They said a slightly better trend in the Asian region also had a positive impact. Meanwhile, in Asia, Japan’s Nikkei was up by 0.41 per cent, while Hong Kong’s Hang Seng gained 0.18 per cent. The US markets remained closed yesterday because of Hurricane Sandy.

GLOBAL MARKETS ROUNDUP

Nifty futures on the Singapore Exchange rose 0.03 percent. The MSCI-Asia Pacific index excluding Japan is up 0.3 percent. All U.S. stock markets were closed on Monday and may remain closed on Tuesday, the operator of the New York Stock Exchange said, depending on the damage from the huge and dangerous storm on financial center New York City overnight and on Tuesday.

Asian shares were subdued on Tuesday after a powerful hurricane curtailed activity in U.S. markets overnight, while the dollar held gains against the yen ahead of a widely expected policy easing by the Bank of Japan later in the session..

FACTORS TO WATCH

India central bank rate decision at 0530GMT.

Finance Minister P. Chidambaram and Montek Singh Ahluwalia, a top adviser, address a conference of food ministers in New Delhi. Earnings: Maruti Suzuki India, IRB Infrastructure Developers, Prestige Estate Projects

TOP NEWS

India’s central bank said the government’s reform efforts are a move in the right direction but said swift implementation and further measures are needed, and warned that inflation remains a risk, a day before it is expected to keep interest rates on hold.

ENERGY/COMMODITIES

Suzlon Energy, which defaulted on a $200 million convertible bond redemption earlier this month, has began talks with senior secured lenders to restructure its debt over 10 years. (Reuters)

The Oil Ministry will seek over 1 trillion rupees ($18.52 billion) from the Finance Ministry this fiscal year towards fuel subsidy, new Petroleum Minister M Veerappa Moily said.

Odisha has decided that mining will henceforth only be allowed for captive use and has told miners whose leases are up for renewal that they have three days to comply, according to a notice from the Indian state. Grasim Industries’ July-Sept net profit rose 48.3 percent to 6.2 billion rupees from a year ago.

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