Mumbai, Feb. 7 -- The Indian stock market opened on a cautious note ahead of the Reserve Bank of India's (RBI) crucial monetary policy announcement scheduled for Friday.

The BSE Sensex edged up by 121.16 points, opening at 78,179.31, while the NSE Nifty gained 34.70 points, beginning the session at 23,638.05.

Among the Nifty 50 companies, 28 stocks advanced, 22 declined, and one remained unchanged in early trade. Bharti Airtel, Britannia, Hero MotoCorp, Tata Steel, and JSW Steel emerged as the top gainers, whereas Power Grid, HDFC Life, SBI, TCS, and ITC were among the biggest losers.

Market and banking expert Ajay Bagga highlighted that investors have largely priced in a 25-basis-point rate cut by the RBI. He noted that inflation is e...