Ahead of key central bank policy decisions due this week, Indian equity indices opened flat on Monday as gains from M&M, Reliance Industries and TCS were offset by the losses in ICICI Bank, Infosys, and HDFC Bank.

The BSE Sensex was trading 48 points or 0.07% higher at 72,798. Nifty50 was trading at 22,015, down 9 points or 0.04% at around 9.22 am.

From the Sensex pack, Power Grid, Asian Paints, Maruti Suzuki, HUL, and Nestle India opened with cuts, while M&M, Tata Steel, NTPC, Tata Motors, and JSW Steel opened with gains.

Investors await policy decisions and commentary from Japan’s central bank as well as the Fed, due later in the week, as they look for clues into the future global interest rate trajectory.

Ircon International shares rose 3% in early trade after the firm secured a letter of award for a construction project worth Rs 630 crore.

RailTel shares also surged 8% after the company received an order worth Rs 352 crore from BMC for supply, operations and maintenance of the health department of the corporation.On the sectoral front, Nifty Media rose 1.4%, led by Network18 and Zee Entertainment Enterprises. Nifty PSU Bank, Auto, Metal, Healthcare, and Oil & Gas also surged.Experts Take
“The week ahead is likely to be highly volatile. Many events like the Fed meeting outcome on Wednesday, the spike in the US 10-year bond yield to 4.3% and the possible SEBI directives based on the stress tests in mid and small cap schemes will influence the market in the near-term,” V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“The concern regarding the elevated valuations in the mid and smallcaps continues despite the stability witnessed in these segments last Friday. Investors may adopt a wait and watch strategy and may buy largecaps in capital goods, banking, telecom and automobiles on dips, Vijayakumar said.

Deven Mehata, Research Analyst at Choice Broking, said, “Nifty can find support at 21,900 followed by 21,850 and 21,800. On the higher side, 22,100 can be an immediate resistance, followed by 22,150 and 22,200.”

Asian Market
Asian shares firmed on Monday as Chinese data surprised on the upside for once, while investors looked to navigate a minefield of central bank meetings this week that could see the end of free money in Japan and a slower glide path for U.S. rate cuts.

Japan’s Nikkei bounced 2.0%, having shed 2.4% last week as a run-up to record highs drew some profit-taking. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.1%, after dipping 0.7% last week. Chinese blue chips firmed 0.4%.

FII/DII Tracker
Foreign portfolio investors bought Indian shares worth Rs 849 crore on a net basis on Friday. Domestic institutional investors sold a net of Rs 682 crore of stocks.

Crude Oil
Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening.

Brent crude oil futures for May delivery inched up 32 cents to $85.66 a barrel. The May contract for U.S. West Texas Intermediate (WTI) crude was up 37 cents to $80.95.

Currency Watch
The Indian rupee rose 2 paise to 82.84 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, increased 0.03% to 103.46 level.

(With inputs from agencies)