The BSE Sensex closed the day at 17361, up 165 points, while the NSE Nifty closed the day at 5278, up 49.75 points. Among the major gainers today were Jaiprakash Industries, Hero Motorcorp, Ambuja Cements and Bharti Airtel.

The shares that lost ground today were Hindalco, Siemens, Jindal Steel and Maruti Suzuki. Inox Leisure gained 9%, on reports that the company's promoters had hiked their stake in the company. Godrej Properties on the other hand gained 5.65%, after its IPP was fully subscribed.

Markets are expected to be range bound and will now be keep a close watch on the RBI's move on the interest rate front.

There is a belief that the RBI might finally decide cut interest rates, after 13 successive hikes.

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