Opening Bell – Markets edge higher ahead of RBI policy announcement

At 9:15 AM, the BSE Sensex opened higher by 62 points at 31252, while the Nifty50 opened higher by 26 points at 9663 mark.

Vedanta is the top Nifty gainer and Dr Reddy’s is the top Nifty loser in the morning hours. 
 
There are 842 advances, 443 declines and 483 unchanged stocks on NSE reflecting some positive bias floating in the market.
 
The level of 9,700 is likely to act as a strong barrier for the Nifty50. If it holds above the level of 9,700, a rally is likely up to the level of 9,730. On the downside, the support for Nifty50 index is placed in the region of 9,620-9,630.
 
The rupee opened at 64.49 per US dollar lower by 6 paise. On Tuesday, snapping its four-day winning run, the rupee turned weaker by 7 paise to end at 64.43 against the US dollar amid caution ahead of the outcome of the RBI’s bi-monthly policy review meet on Wednesday.
           
The US stocks ended the Tuesday’s session marginally lower. The Dow Jones Industrial Average dropped 48 points to end at 21,136. The S&P 500 index declined 7 points to close at 2,430. The Nasdaq Composite index slid 21 points to close at 6,275.
 
Asian shares are trading mixed in early trading on Wednesday. Japan’s Nikkei 225 has slipped 44 points, Hong Kong’s Hang Seng has surged 62 points, while China’s Shanghai Composite has gained 21 points.