RTTNews - Tuesday, the Indian market slipped into the red amid caution ahead of the RBI's quarterly monetary policy review meeting at around 12.00 noon today.

Banking stocks are leading the market lower, although realty stocks are seeing some strength after after the government announced a 1% subsidy on the interest that commercial banks charge for affordable housing.

The BSE Sensex is now trading near the day's lows at 15,279, down 96 points or 0.63% and the S&P CNX Nifty is trading at 4,545, down 0.60%.

However, the BSE mid-cap index is rising 0.32% and the small-cap index is up 0.80%. The market breadth on the BSE is also fairly positive, with 1063 gainers compared to 696 losers.

Among the major decliners, ICICI Bank is losing 1.95%, HDFC Bank is down 1.44%, Bharti Airtel is moving down 1.19% and Sterlite, Hero Honda Motors, Infosys and Reliance Industries are down around 1% each.

On the other hand, Tata Motors, DLF, Tata Power, Grasim Industries, NTPC, Tata Steel, Sun Pharma, ACC, Jaiprakash Associates, Hindustan Unilever, Reliance Infrastructure and Wipro are trading in positive territory.

Tata Motors is climbing nearly 5% after announcing a 58% rise in its June-quarter net profit, defying expectations for a fall in net profit. Punj Lloyd is rising 1.23% after announcing a 14% rise in its quarterly consolidated net profit.

SAIL is losing 1.25% on reports that it plans to raise up to Rs.6,500 crore long-term debt from various investment banks this year. Maruti Suzuki is down 0.84% on reports that it plans to invest Rs. 2,100 crore in FY10 on re-tooling the plant for production efficiencies, developing new models, R&D activities and expanding production of its K-Series engine.

Tata Teleservices Maharashtra is down 0.55% after reporting a Rs.34.26 crore consolidated net loss for the three months to June. Ashok Leyland is losing 2.29% after its net profit for the June quarter plunged 84% to Rs.7.77 crore from Rs 50.56 crore in the year-ago period.

India Cements is trading almost flat after it announced an open offer to acquire 20% of equity capital of Indo Zinc.

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