Markets trade with modest gains

The market recovered from an initial dip caused by weak Asian markets. But caution prevailed ahead of the Reserve Bank of India (RBI)’s monetary policy review at 12:00 IST.At present the markets have moved up a bit and are trading with modest gains on account of buying seen in select auto, bank and cement stocks.

At 12 pm the sensex is trading 128 points up at 14057,while Nifty is up by 36 points at 4121.75.

Tata Motors, SBI, Gujarat Ambuja and Maruti Udyog are the top gainers on Sensex.BHEL, Reliance Communication and Dr Reddy's Lab are among the major losers on Sensex.

Index heavyweight Hindustan Lever was trading at Rs 203.10 up 0.45% from its previous close of Rs 202.20.Index heavyweight Reliance was trading at Rs 1,557.50 up 0.22% from its previous close of Rs 1,554.10.Tech major Infosys was trading at Rs 2,061.75 down 0.28% from its previous close of Rs 2,067.55.Cigarette major ITC was trading at Rs 156.45 up 0.03% from its previous close of Rs 156.40.