Sensex Opens 413 Points Higher Amid Continued Middle East Tensions

The Indian stock markets opened higher this morning with Nifty jumping 110 points and Sensex opening 413 points higher hours amid continued Middle-East tensions

The Nifty 50 index opened higher at 22,532 and BSE Sensex opened with a gap-up opening at 72,340.

Shares of HDFC Bank, Reliance Industries Ltd, Bajaj Finance, PC Jewellers, PNB, Shriram Finance, ITC, etc. gained during the early morning deals.

Avenue Supermarts, TVS Motor Company, Apollo Hospitals, Infosys, Max Healthcare, were among the major losers.

Meanwhile, the Reserve Bank of India (RBI) began its three-day Monetary Policy Committee (MPC) meeting on Monday, with policy decision due on Wednesday, amid rising inflation, crude oil prices above $100 a barrel and rupee weakness.

Markets are closely watching whether the Central Bank will raise the repo rate for the first time since February 2023. The RBI has kept the repo rate unchanged at 5.25 per cent.

The RBI's Monetary Policy Committee (MPC) is meeting from October 5-7, to decide on the benchmark repo rate.

Inflation is becoming increasingly broad-based. CPI inflation rose to 4.82 per cent in August from 4.45 per cent in July. Strong El Nino conditions and below-normal October rainfall could pose further risks to Rabi output.

Rising crude oil prices, inflation and higher bond yields globally has narrowed Reserve Bank of India's room to hold rates unchanged.