Indian Shares Modestly Higher As RBI Holds Rates

(RTTNews) - Indian shares opened on a positive note on Wednesday as crude oil prices slumped and global bond yields eased amid hopes for progress on opening the Strait of Hormuz.

Investors were also reacting to the Reserve Bank of India's monetary policy announcement, which came along expected lines.

The central bank kept its policy rate unchanged at 5.25 percent and retained the policy stance at "neutral" despite signs of rising inflation due to higher crude oil prices and a weaker monsoon season.

The 30-share BSE Sensex was up 317 points, or 0.40 percent, at 78,745 while the NSE Nifty index slipped 20 points, or 0.1 percent, to 24,598.

Among the top gainers, Mahindra & Mahindra, NTPC, Trent and Indigo all rose around 2 percent.

Power Grid Corporation of India, PB Fintech, Biocon and Cummins India were moving higher ahead of their quarterly earnings results due today.

Bharti Airtel gained about 1 percent after reporting a 37 percent rise in its Q1 net profit.

FSN E-Commerce Ventures slumped 4.2 percent despite reporting a three-fold jump in Q1 profit.

Likewise, Bharti Hexacom lost 4 percent, Marico fell 2.3 percent and Kalyan Jewellers declined 3 percent despite reporting solid quarterly earnings.

United Breweries dropped 1 percent on posting lower quarterly profit.