FIRST TRADE: Sensex, Nifty flat with positive bias ahead of RBI policy decision; OMCs slip

Stock market today: The benchmark indices, Sensex and Nifty, started Thursday's session on a flat note with a positive bias as investors adopted a wait-and-watch approach ahead of the RBI policy decision, which will be released soon. At the time of writing this news, the S&P BSE Sensex was trading at 63,190.27 levels, up 47 points, or 0.07 per cent while the NSE's Nifty was trading at 18,738.85 levels, up 12 points, or 0.07 per cent. 

OMCs slipped in the trade after reports surfaced that the possibility of the imposition of a windfall gain tax again on petrol and diesel was lessened.

"Today, all optimistic attention will be on the RBI's MPC policy decision, which will be announced at 10 AM. Considering the easing of retail inflation and robust economic growth, it is anticipated that the RBI will maintain the repo rate at 6.5 per cent. Upon further analysis, we suspect the RBI might opt for a "prolonged pause." Additionally, we will closely observe two significant factors: 1) Will the RBI downgrade inflation projections for FY24? 2) Will there be a GDP growth upgrade? From a technical standpoint, Nifty is attracting considerable bullish interest, buoyed by short covering and value buying. Maintain a bullish outlook as long as the Nifty remains above the critical support level of 18,389. The risk appetite for the Nifty Banks index remains intact, with aspirations of surpassing its record high at 44,499," said Prashanth Tapse, Senior VP (Research), Mehta Equities.