The Indian market opened marginally higher on Thursday ahead of the announcement of the Reserve Bank of India’s bi-monthly monetary policy later in the day.

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The central bank is expected to cut key repo rate by 25 basis points.

At 9:18 am, the Sensex traded higher at 40,940.06, up 89.77 points or 0.20 percent while the Nifty50 traded 21.70 points or 0.18 percent higher at 12,064.90.

Nifty Media rose 0.53 percent in the opening trade with Zee Entertainment being the top index gainer. Meanwhile, Nifty IT lost 0.22 percent after Indian rupee opened higher at 71.48.

Zee Entertainment, UltraTech Cement, Reliance Industries, Titan and Hero MotoCorp were the Nifty50 top gainers while HCL Technologies, Bharti Airtel, Sun Pharma, Dr Reddy's Laboratories and Hindalco were the top losers.

ICICI Bank hit its 52-week high after 57 brokerages maintained a 'buy' call on the stock. Nomura expects the stock's RoE to rise 16-17 percent in the next 12-18 months. Morgan Stanley shares the same view and has an 'overweight' call on the stock with a target price of Rs 775.

Meanwhile, Asian stocks edged up on Thursday on signs the United States and China were on track for a preliminary trade deal, though optimism was tempered by the almost daily shifts in prospects for defusing the damaging tariff war now in its second year.

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