Nifty marks record a day ahead of RBI's rate decision

Mumbai: The Nifty edged higher on Monday after earlier hitting a fresh record high of 8,623 as shares made a cautious advance ahead of the Reserve Bank of India’s policy review on Dec. 2.

The Nifty was up 0.15 percent while the BSE Sensex was 0.09 per cent higher . Markets were pricing in a rate cut although only 4 out of 45 economists in a Reuters poll said the RBI will cut rates. ICICI Bank was up 0.8 percent and Axis Bank  gained 1.8 percent. Oil explorers fell after crude oil hit a five-year low. Oil and Natural gas Corp was down 1.4 per cent while Cairn India fell by 0.3 per cent.