Markets open higher ahead of RBI policy decision; Sensex rebounds over 69 points; FMCG, auto, metal stocks up

Mumbai: The BSE Sensex rebounded over 69 points in opening trade, breaking its three-day losing run, ahead of the RBI’s bi-monthly policy meet outcome due later in the day. The 30-share index recovered by 69.38 points, or 0.19 percent, to 34,972.59. It had lost 419.17 points in the previous three sessions. Sectoral indices led by FMCG, auto, metal, IT and capital goods rose by up to 0.30 percent. The NSE Nifty also went up by 22.65 points, or 0.21 percent, to 10,615.80. Brokers said investors were seen raising their bets ahead of the monetary policy announcement. [caption id=“attachment_4402363” align=“alignleft” width=“300”]  Representational image. Reuters[/caption] Besides, a mixed trend at other Asian bourses influenced the trading sentiment in the domestic market. Shares of Bharti Airtel, Coal India, L&T, Tata Motors, M&M, Adani Ports, ITC, Sun Pharma, Bajaj Auto, Maruti Suzuki, Power Grid and Infosys climbed up to 1.48 percent. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 474.33 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 157.51 crore yesterday, as per provisional data. Among other Asian markets, Japan’s Nikkei rose 0.19 percent, while Hong Kong’s Hang Seng edged up 0.31 percent in their early trade. However, Shanghai Composite Index shed 0.15 percent. The US Dow Jones Industrial Average ended 0.06 percent lower in yesterday’s trade. Rupee up 11 paise vs dollar The rupee strengthened by 11 paise to 67.04 against the dollar at the interbank forex market today ahead of the announcement of RBI’s monetary policy amid fresh selling by exporters and higher opening of the domestic equity markets. Dealers said besides fresh selling of dollar by exporters, dollar’s weakness against some currencies overseas amid lingering concerns about global trade supported the rupee. Yesterday, the rupee had shed 4 paise to end at 67.15 against the US dollar.