Sensex trades over 100 points higher, Nifty holds above 8,750 ahead of RBI policy; ONGC top gainer

The S&P BSE Sensex on Tuesday was trading over 100 points higher, while the broader Nifty50 was ruling above its key 8,750 level.

The headline indices rallied on expectations of a rate cut by the Reserve Bank of India in its fourth bi-monthly monetary policy review for fiscal year 2016-17 at 2:45 pm today.

At 09:25 am, the 30-share index was trading at 28,368, up 124.94 points, while broad-based 50-share index was quoting 8,776, up 38.25 points.

"Due to the RBI's Monetary Policy scheduled today, the volatility is expected to remain higher. Hence, traders are advised to trade with proper risk management strategy," said Angel Broking in a research note.

"The intraday support for the Nifty index is placed around 8690 and 8615 whereas resistances are seen around 8810 and 8880," the brokerage added.

ONGC stock was the top gainer on both the benchmark indices and added over 2 per cent on the bourses.

Asian shares wobbled today after fading hopes for a reduced Deutsche Bank fine and rising expectations of a US interest rate hike pressured Wall Street.