India’s stock market benchmark opened higher on Tuesday after three straight gains, tracking gains in Asian shares in hopes that the Federal Reserve may drop aggressive rate hike rhetoric at this week’s policy meeting.

The BSE Sensex rose 378.3 points to 61,124.89 and the broader NSE Nifty index opened 118.5 points higher at 18,130.70.

Both benchmarks rose above key psychological levels on Monday, hitting more than one-month highs, extending weekly gains for the third straight week.

Asian shares were broadly higher despite a drop in regional factory output data in October, as global economic concerns and China’s no-coronavirus policy hurt demand, exacerbated ongoing supply problems and dampened hopes of a recovery.

In addition to the Fed’s rate decision and policy path, markets will be closely watching Tuesday’s Reserve Bank of Australia meeting, Friday’s US jobs data and this week’s Chinese economic activity data.

Wall Street fell overnight as investors looked ahead to the Federal Reserve’s policy meeting this week for clues on its next move.

“Risk assets are off to a mixed start as an important week for central bank decisions begins,” analysts at ANZ said in a note. In global energy markets, oil prices fell as investors anticipated a possible increase in US supply.