The Indian equity markets managed to garner some gains in last leg of trade despite volatile trade on Monday. Some short covering and selective buying led the markets higher. But, there were some inflation jitters that made investors cautious during the day. RBI’s rate-setting panel started its three-day meeting amid expectations that the central bank may go for 25 basis points hike in benchmark interest rate, probably the last in the current monetary tightening cycle that began in May 2022. However, the Fed signaled last week that it expects just one more rate increase this year, leaving traders looking for clues about the timing of the final rate hike. Traders reacted positively the data showing an unexpected slowdown in the annual rate of core consumer price growth in the U.S. Investors pinned hopes for a pause in rate hikes by the Federal Reserve later this year. As for broader indices, Small cap index were outshined on Monday’s trade.