Stock market at day’s high with Nifty above 19,650, Sensex gains 364 pts
Ira Singh
6 Oct’23
The Indian equity benchmark indices held steady on Friday after the Reserve Bank of India stayed pat on key interest rates as expected.
The RBI’s rate-setting committee kept the key lending rate steady at 6.50%. The central bank also maintained its policy stance of “withdrawal of accommodation” to bring inflation within its target band.
The RBI governor retained inflation projection at 5.4% for fiscal 2024, but cautioned that inflation trajectory will be shaped by global food and energy prices, as well as El-Nino conditions, according to sources.
At close,the Sensex was up 364.06 points or 0.55 percent at 65,995.63, and the Nifty was up 107.75 points or 0.55 percent at 19,653.50. About 2001 shares advanced, 1116 shares declined, and 98 shares unchanged.
Stocks and Sectors
Bajaj Finserv, Bajaj Finance, Titan Company, IndusInd Bank and Tata Consumer Products were the top gainers on the Nifty, while losers included HUL, ONGC, Coal India, Bharti Airtel and Axis Bank.
On the sectoral front,all indices ended in the green with realty index up 3 percent, while Information Technology, FMCG, Metal, Auto, Power, Healthcare up 0.4-1 percent.
Broader indices performed inline with main indices with BSE midcap and smallcap indices rising 0.6 percent each.
On 6 Oct’23,the Indian rupee appreciated by 4 paise to close at 83.21 against the US dollar in early trade Friday,amid positive cues from the equity market ahead of the RBI’s interest rate decision.
Selling pressure from foreign equity investors amid strengthening dollar resulted in a negative bias, according to forex traders.
Experts Take:
Market experts have recommended three stocks to buy for Friday McDowell-N or United Spirits, IndiGo and Bombay Dyeing.