A morning walk down Dalal Street | Stay neutral, wait for consolidation or correction before creating fresh longs

Sensex hit a fresh record high above 39,000 for the first time at 39,115 while the Nifty50 close 91 points short of hitting its record high.

Banks led the gains from the front as Nifty Bank hit yet another record high of 30,648, led by gains in Bank of Baroda, PNB, Federal Bank, IDFC First Bank, SBI, and Kotak Mahindra Bank. 

The index witnessed profit-booking ahead of the bi-monthly monetary policy review meet on April 2-4. The consensus is already factoring 25 basis points cut in policy rates and expect the commentary to turn dovish in the review meeting.

Though certain sections of the market are expecting more aggressive 50 basis points rate cut due to soft inflation and slowdown in economic growth momentum, suggest experts.