The Indian stock market benchmarks—the Sensex and the Nifty 50 —snapped their eight-day losing streak on Wednesday, October 1, after the Reserve Bank of India (RBI) projected healthy growth-inflation dynamics for the country while keeping the repo rate and policy stance unchanged.
The MPC (Monetary Policy Committee) of the RBI voted unanimously to keep the policy repo rate unchanged at 5.50 per cent and also decided to continue with the neutral stance. It was the second consecutive meeting of status quo on interest rates, which experts believe has set the stage for a rate cut in the next policy meeting in December.
The Sensex ended the day 716 points, or 0.89 per cent, higher at 80,983.31, while the Nifty 50 settled at 24,836.30, up 225 points, or 0.92 per cent.
The BSE Midcap and Smallcap indices also clocked healthy gains of 0.91 per cent and 1.16 per cent, respectively.
An across-the-board buying lifted the overall market capitalisation of BSE-listed firms to over ₹455.5 lakh crore from ₹451.44 lakh crore in the previous session, making investors richer by more than ₹4 lakh crore in a single session.
(This is a developing story. Please check back for fresh updates.)
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