Populating cck fields on add content with rules-actions

I have a scenario where I am using actions to create a node of custom type B (certain reports) whenever a node of type P is created/updated. Content type R contains some CCK fields. Actions allow me to give a title to the new node of type R through the 'Add new content' option.
I would also like to populate its CCK field (named 'field_cck') of B at the time of creation. It appears that this cannot be done directly. So instead after the creation of B, I tried another action 'Populate a field' as applied to the content type B (set via Arguments configuration). But the following is the status message I get:

The name of the rule is 'MyRule' and the title of the content type P which is being updated in this example is 'mycontentP '.

0 ms After updating existing content has been invoked.
0.239 ms Executing the rule MyRule on rule set After updating existing content
0.523 ms Condition Updated content is P evaluated to TRUE.
71.008 ms Action execution: Add new content
75.418 ms Successfully added the new variable B
80.452 ms Action execution: Populate B's field 'field_cck'
999999134.031 ms After updating existing content has been invoked.
999999134.235 ms Not executing the rule MyRule on rule set After updating existing content to prevent recursion.
999999134.324 ms Evaluation of After updating existing content has been finished.
0 ms After saving new content has been invoked.
0.276 ms Executing the rule MyRule on rule set After saving new content
0.691 ms Condition Created content is P evaluated to FALSE.
0.818 ms Evaluation of After saving new content has been finished.
0 ms After saving new content has been invoked.
0.462 ms Executing the rule MyRule on rule set After saving new content
1.037 ms Condition Created content is P evaluated to FALSE.
1.268 ms Evaluation of After saving new content has been finished.
0 ms Evaluation of After updating existing content has been finished.
P mycontentP has been updated

The portion in bold refers to the error that the population of the field cannot be achieved. Is cck population action not available after a node creation? Or is this a bug?

Your thoughts are deeply appreciated!
Thanks
iyer