Mumbai, Jul 31 (IANS): Caution ahead of the third RBI monetary policy review along with disappointing quarterly results pulled the key indices of the Indian equity market lower during the late-morning trade session on Tuesday.

The Reserve Bank of India is slated to announce its third bi-monthly monetary policy review statement on August 1.

Besides the review, investors were also cautious about the upcoming macro-economic data points of Eight Core Industries (ECI) and the fiscal deficit figures.

According to market observers, heavy selling was witnessed in banking, oil and gas and metals stocks.

Around 11 a.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 11,279.25 points -- lower by 40.30 points or 0.36 per cent -- from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 37,534.95 points, traded at 37,346.84 points -- lower by 147.56 points or 0.39 per cent -- from its previous session's close of 37,494.40 points.

Sensex has so far touched a high of 37,534.95 points and a low of 37,298.75 points during the intra-day trade.

On Monday -- the last trade session -- both the S&P BSE Sensex and NSE Nifty50 touched their new respective intra-day and closing record highs.