After a weak closing on Monday, benchmarks opened stable ahead of Reserve Bank of India’s mid-quarter monetary policy review, suggesting the street is expecting a 25 bps rate cut . Post the Cyprus shock, global markets have also been trading mixed. The Sensex was up 32.57 points at 19325.77 while the Nifty added 8.35 points or at 5843.60.

Technology and banking were lending support to the stock market. Top gainers on the Sensex were Bajaj Auto, ICICI Bank, Maruti Suzuki and GAIL adding over 1 percent each. The midcap index gained around 0.2 percent while the lead gainers included Balrampur Chini, Bank of Maharashtra and Orchid Chemcial.

However, on the losing side were Coal India, TCS, BHEL and Dr Reddy’s lab slipping just about 1 percent each.  Manappuram Finance lost 7.95 percent, Steel Authority of India dipped 3.77 percent while Jet Airways fell 1 percent.

Asian shares rebounded on Tuesday from the previous session’s steep falls, but investors remained wary over a bailout plan for Cyprus which was set for a parliamentary vote later in the day.

The euro licked its wounds near three-month lows versus the dollar on Tuesday, with the plan to tax Cyprus savings accounts to help fund a bank bailout fuelling fears for the stability of euro zone financial institutions.

Brent crude oil slipped to near $109 a barrel on Monday after touching a three-month low, as a plan to tax bank accounts in debt-laden Cyprus sparked fears of further turmoil in the euro zone.

Prices for U.S. Treasuries jumped on Monday, taking benchmark yields to their lowest in almost two weeks as a euro zone plan to seize money from Cypriot bank deposits rattled investors.

LOCAL MARKETS PREVIOUS CLOSE
    * BSE index 19,293.20 (-0.69 pct)
    * NSE index 5,835.25 (-0.64 pct)
    * Rupee 54.1650/1750 per dollar (54.02/03)
    * 10-year bond yield 7.88 pct (7.86 pct)
    * 5-year OIS rate 7.14 pct (7.16 pct)
    * 1-year OIS rate 7.50 pct (7.50 pct)
    * Call money 7.70/7.80 pct (7.85/7.95 pct)