The Indian stock markets opened flat on Tuesday morning with Nifty jumping 27 points and Sensex opening 78 points higher ahead of repo rate announcement tomorrow.
The Asian stocks rose on Tuesday after a tech-fuelled rally lifted the Nasdaq to a record close, with a retreat in oil prices offering further support even as longer-dated Treasury yields hovered near multi-decade highs. Meanwhile, the Reserve Bank of India (RBI) began its three-day Monetary Policy Committee (MPC) meeting on Monday, with policy decision due on Wednesday, amid rising inflation, crude oil prices. Among sectors, gains were seen in Nifty Metals, Nifty Private Bank, Nifty Media, Nifty FMCG, while Nifty Auto, Nifty Pharma and Nifty IT indices saw selling pressure.
The Nifty 50 index opened higher at 22,583.45 and BSE Sensex opened with a gap-up opening at 72,460.59. Brent crude was little changed at $100 a barrel after losing 1.9% overnight as exports from the Middle East increased and the Group of Seven nations pledged to boost supplies. Markets are closely watching whether the Central Bank will raise the repo rate for the first time since February 2023. The RBI has kept the repo rate unchanged at 5.25 per cent. The RBI’s Monetary Policy Committee (MPC) is meeting from October 5-7, to decide on the benchmark repo rate.
