Nifty hovers around 8700 ahead of RBI policy; Tata Power up 5%

Equity benchmarks continued to consolidate with the Nifty hovering around 8700 level after two-day rally and ahead of RBI monetary policy.
The 30-share BSE Sensex was down 36.12 points at 28146.45 and the 50-share NSE Nifty fell 14.55 points to 8696.80.

Tata Power surged nearly 5 percent followed by ONGC, Bharti Infratel, Coal India, ICICI Bank and NTPC.
Idea Cellular tanked 5 percent after dismal performance in Q1 with standalone profit falling 36 percent on yearly basis.
Ambuja Cements, Tech Mahindra, ITC, HDFC, Asian Paints, HDFC Bank and TCS were other losers



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