Sensex, Nifty open in green as investors look for cues from RBI MPC meet

MUMBAI — The Indian benchmark indices opened in the green zone on Tuesday, as investors keep their focus on Reserve Bank of India’s (RBI) monetary policy decision.

As of 9.20 am, the Sensex was up 301 points, or 0.38 per cent at 80,666 and the Nifty advanced 93 points, or 0.38 per cent at 24,728.

The broad cap indices, Nifty Midcap 100 and Nifty Smallcap 100, inched up 0.32 and 0.29 per cent, respectively. Titan Company, Asian Paints, Cipla, Hindalco were among the major gainers on the Nifty pack, while losers include Tata Motors, Tech Mahindra and Dr Reddy's Labs.

Among sectoral indices, Nifty Consumer Durables, the top gainer, advanced 0.59 per cent. Nifty Private Bank (up 0.43 per cent) and Nifty Metal (up 0.56 per cent) were other major gainers. All indices except Nifty Media were in the green zone.

Analysts said that the Nifty 50 opened on a positive note in the previous session but slipped below 24,650, closing in the red for the eighth straight day—reflecting sustained selling pressure.

From a technical perspective, a sustained move above 24,800 could pave the way for a rally toward 25,000. The immediate support lies at the 24,530 and 24,400 zones.

The US markets ended in the green zone overnight, as Nasdaq edged up 0.48 per cent, the S&P 500 added 0.26 per cent, and the Dow moved up 0.15 per cent in the last trading session.

The Asian markets were trading mixed during the morning session as China’s state data showed manufacturing activity contracted for a sixth straight month, albeit less than market estimates.

While China's Shanghai index added 0.44 per cent, and Shenzhen advanced 0.42 per cent, Japan's Nikkei declined 0.05 per cent, while Hong Kong's Hang Seng Index dipped 0.12 per cent. South Korea's Kospi added 0.13 per cent.

On Monday, foreign institutional investors (FIIs) sold equities worth Rs 2,832 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 3,846 crore.