Indian shares opened higher on Tuesday, extending their rebound as investors awaited the Reserve Bank of India’s interest rate decision on Wednesday.

GIFT Nifty futures traded at 22,648 points in early trade, signaling a positive start for the benchmark Nifty 50, which closed at 22,555.75 on Monday. The Nifty and Sensex rose about 0.6% and 0.7% in the previous session, recovering from their longest weekly losing streak in 25 years.

Lower oil prices and easing fears of aggressive US rate tightening helped the advance. Brent crude hovered near $100 a barrel after falling $2 on Monday.

Most economists expect the RBI to raise the policy rate by 25 basis points, its first increase since February 2023. The central bank is balancing inflation risks from high crude prices and a weak rupee against growth concerns from a weak monsoon.

Foreign portfolio investors remained net sellers for a seventh straight session, with outflows of Rs 46.99 billion on Monday, while domestic institutions bought.