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    Opening Bell: Sensex opens with minor gains, Nifty reclaims 14,700; banks fall ahead of RBI policy announcement

    Opening Bell: Sensex opens with minor gains, Nifty reclaims 14,700; banks fall ahead of RBI policy announcement

    Opening Bell: Sensex opens with minor gains, Nifty reclaims 14,700; banks fall ahead of RBI policy announcement
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    By CNBCTV18.com  IST (Updated)

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    The Indian market opened higher for the second session in a row on Wednesday ahead of the RBI monetary policy announcement later today.

    The Indian market opened higher for the second session in a row on Wednesday ahead of the RBI monetary policy announcement later today. Stuck between the elevated inflation and surging coronavirus cases, the central bank is expected to maintain the status quo in this policy. Investors will shift focus towards RBI's stance on liquidity management and forward guidance.
    The Sensex opened 75.7 points higher at 49,277.09, and the Nifty opened at 14,716.45, up 32.95 points. Midcaps and smallcaps outperformed the benchmarks as they rose over half a percent.
    Stocks across most sectors rose, with metals adding 1.23 percent as the commodity prices continue rising. Financial services stocks fell 0.10 percent.
    Adani Ports climbed over 4 percent and was among the top gainers on the Nifty 50, followed by Power Grid, Bharti Airtel, IOC, and Nestle India. HDFC Bank lost over half a percent, followed by Kotak Mahindra Bank, Tata Consumer, Bajaj Finance, and HDFC.
    Realty major Macrotech Developers Ltd, erstwhile Lodha Developers, on Tuesday raised Rs 740 crore from anchor investors, ahead of its initial public offer (IPO) that will hit the capital market on Wednesday.
    According to traders, domestic investors are awaiting the outcome of the RBI's policy meet later in the day. "These days there is a combination of good and bad news exerting push and pull effects on markets," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services told PTI.
    Among the positives are the decline in US 10-year bond yield from 1.75 percent to 1.66 percent. The dollar index has also declined from 92.3 from above 93, another positive. IMG's projection of GDP growth to be 12.5 percent for FY22 for India is another news boosting investor sentiment, Vijayakumar added. FDI is rising smartly, he noted.
    However, these positives are being countered by an increasing surge in the COVID-19 cases in the country, he added.
    Shares elsewhere in Asia were higher as major indexes in Australia, Japan, and South Korea notched gains. It follows the overnight losses on Wall Street where the major US indexes fell from record highs.
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