Sensex Up; Oil Retailers Gain
February 18, 2013 4:25 PM EST
The BSE Sensex is up 0.15 percent and the 50-share Nifty is up 0.09 percent. The focus is on the budget with market participants waiting to see if it will provide fiscal reform measures or whether the government will increase spending ahead of the general elections in 2014.
State-run oil retailers gain after increasing prices of petrol by 1.50 rupees per litre excluding local taxes, and diesel by 0.50 rupees per litre from Saturday.
The Reserve Bank of India chief struck a hawkish note on Saturday saying there are upside risks to inflation from food and commodity prices, while room for monetary easing is limited will put some dampener on hopes of a March rate cut.