Markets close steady; eye RBI meet tomorrow

Markets closed the day higher today on strong global cues. The BSE Sensex closed the day higher at 17,919 points, up 105 points, while the CNX Nifty closed the day at 5463.90 up 34.40 points.

The Railway Budget which was presented by the Railway Minister did not have any significant impact on the markets.

Inflation data which came in at 6.95%, disappointed the markets, as it may have an effect on the RBI's monetary review policy slated for Thursday.

Marketmen believe that given the slightly elevated inflation level the RBI may want to wait a little before deciding on an interest rate cuts.

Among the major gainers today were Punjab National Bank, ICICI Bank and Larsen and Toubro. Among the shares that lost ground today were TCS, Jaiprakash Associates and Tata Steel.

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