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Sensex, Nifty likely to open higher ahead of RBI policy outcome

Sensex, Nifty likely to open higher ahead of RBI policy outcome

HDFC Bank Chief Economist Abheek Barua stated that the RBI is likely to increase the repo rate by 20 bps in this monetary policy meeting.

Sensex, Nifty likely to open higher ahead of RBI policy outcome Sensex, Nifty likely to open higher ahead of RBI policy outcome

Indian benchmark indices are likely to open higher today ahead of RBI policy outcome as SGX Nifty quoted at 17,330 at 8:30 am.

Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in Singapore Stock Exchange and considered to be the first indication of the Indian markets opening.

HDFC Bank Chief Economist Abheek Barua stated that the RBI is likely to increase the repo rate by 20 bps in this monetary policy meeting. Barua added that the RBI is also likely to retain the GDP growth forecast at 9.5 per cent.

The economist said that Omicron is likely to put a brief pause to RBI’s normalisation plans but does not expect the plans to be jettisoned completely.

Indian market closed higher on Tuesday, backed by gains in banking and consumer durables shares amid positive global cues. Sensex ended 886 points higher at 57,633 and Nifty surged 264 points to 17,176.

Tata Steel, Axis Bank and ICICI Bank shares were the top Sensex gainers, rising up to 3.63%

Foreign institutional investors (FIIs) sold shares worth Rs 2,584.97 crore on December 7, and domestic institutional investors (DIIs) bought shares worth Rs 2,605.81 crore, as per provisional data available on NSE.