The Reserve Bank of India (RBI) kept its policy interest rate unchanged at a five-year low of 6.50 per cent on Tuesday, while signalling the prospect of another cut later this year if monsoon rains dampen upward pressure on food prices.

\"2016 is going to be another year of strong FII inflows. This belief stems from the fact that Indian macroeconomic situation is expected  to be strong\" 

\"As a policy, we do not comment on a company's case, but stand by its (TCS) response against the jury's verdict on the alleged infringement of intellectual property,\" said Nasscom president R Chandrashekhar.

On January 12 this year, the United States Citizenship and Immigration Services (USCIS) said that a new law, The Consolidated Appropriations Act, 2016, will increase H-1B and L-1 petition fees. H-1B and L-1 visas are widely used by the Indian IT services exporters to service customers in the United States.

So far, year 2016 has not been very lucky for the Indian equity markets and BSE Sensex is already down nearly 9 per cent.

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\"Most of the global players are on vacation now and domestic investors are supporting the market with buying action in mid-caps, so the markets seem more favourable,\" said expert.

Benchmark indexes still made their biggest weekly gains in more than two months after the US Federal Reserve raised interest rates without any disruptions to global markets.

The stock fell on worries that a widely anticipated US interest rate hike by the Fed may prompt the Reserve Bank of India to keep key interest rate unchanged for longer.

\"I think it is a well balanced policy on upside and downside inflation risks going ahead. It is less hawkish than what the market was expecting.\"

RBI is likely to adopt a wait-and-watch approach ahead of the Fed meeting amid concerns over inflation that has been inching up in the last three months.

The two companies-Scopus Consulting Group and Orian Engineers-owned by Indian-American Kishore Kumar, bring workers from India and other countries on H-1B visas to employ them as software engineers for Silicon Valley firms such as eBay, Apple and Cisco Systems.

Markets surged tracking positive trend seen in Asian markets and also US Federal Reserve minutes, which confirmed the central bank sees no urgency to hike interest rates this year.

The domestic markets fell on emergence of selling in FMCG, banking, capital goods and healthcare stocks amid mixed Asian cues.

Gains were however muted as benchmark indexes saw technical resistance at their respective 200-day exponential moving average while profit-taking after four consecutive days of gains also weighed.

ICICI Bank rose 1.20 per cent after slumping 3.1 per cent on Tuesday, while HDFC Bank gained 2.17 per cent after falling 2.1 per cent in the previous session.

IT firms invested over $2 bn and paid over $20 bn in US federal, state and local taxes, while also supporting 410K plus jobs in America, said the NASSCOM report.

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RBI Deputy Governor R Gandhi said on Tuesday there was an \"urgent\" need for banks to reduce their stressed assets, given the impact on liquidity and capital in the sector.

\"The policy is a little more dovish than anticipated in the sense, they are looking for space to come up with an accommodative policy. There are clear risks on the horizon especially coming from the monsoon\", says Abheek Barua, chief economist at HDFC Bank.