Indian shares open higher on global tailwinds, RBI policy support
Indian shares opened higher on Monday, buoyed by positive global cues, including strong US jobs data and signs of progress in US-India trade talks as well as the Reserve Bank of India's (RBI) bumper monetary policy measures.
The Nifty 50 was up 0.63% at 25,160.1, while the BSE Sensex gained 0.47% to 82,574.55, as of 9:15 a.m. IST.
All 13 major sectors advanced.
High-weightage financials and private banks gained about 1% each.
The broader small- and mid-caps rose about 0.7% each.
The Nifty 50 and BSE Sensex rose about 1% each on Friday after the RBI cut the repo rate by a bigger-than-expected 50 basis points and reduced the cash reserve ratio (CRR) for lenders by 100 bps.
Global sentiment was upbeat after a robust US jobs report eased concerns over economic momentum.
The MSCI Asia ex-Japan index rose 0.7%, tracking Wall Street's gains on Friday.
India's benchmark Nifty 50 logs best day in three weeks on RBI's bumper policy support
Meanwhile, trade talks between Indian and US officials are progressing, with both sides seeking consensus on tariff cuts in the farming and auto sectors in a bid to finalise an interim deal before a July 9 deadline, Indian government sources said.
Investors also await trade talks between the US and China in London later in the day.
The discussions are expected to focus on critical minerals, whose production is dominated by China.
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