MUMBAI: The S&P benchmark BSE Sensex opened nearly 100 points higher, while Nifty traded above 12,050 as the markets opened on Thursday. The benchmark indices, the BSE Sensex and the NSE Nifty, opened in the green ahead of the RBI monetary policy review and anticipated lending rate cut.
Indian stocks edged higher today, driven by gains in market heavyweight RIL.
RIL rose 1.5%. RIL's telecom unit Jio will raise mobile call and data charges by up to 39% from December 6 through its all-in-one plans.
Shares of ICICI Bank also rose to a new high of Rs 535, up about 0.6%. ICICI Bank shares have significantly outperformed the Bank Nifty index this year and many analysts say that the stock has more room to run.
The Reserve Bank will announce its decision on lending rate cut later today.
"RBI is likely to give more focus on economic development as benign oil prices deliver headroom for further monetary action which provides cushion for private spending," said Vinod Nair, head of research at Geojit Financial Services.
Asian markets were mostly higher today on renewed hopes for the China-US trade talks after Bloomberg reported that a deal could be finalised by the end of next week.
Global markets had seen a selloff after US President Donald Trump had suggested he would be happy waiting until after the 2020 presidential election before signing off on a trade deal with China.