Indian Stock Market Holds Steady as RBI Maintains Unchanged Interest Rates

6 Oct 2023 , 01:12 PM

In the afternoon trading session on October 6, the Indian benchmark indices held their ground firmly in positive territory. This was in line with expectations following the Reserve Bank of India’s decision to maintain unchanged interest rates. Notably, this marks the fourth consecutive instance where the central bank has opted to keep rates stable.

As of 1 PM, the Sensex showed a gain of 316.46 points or 0.48 percent, reaching 65,948.03, while the Nifty registered an increase of 91.90 points or 0.47%, reaching 19,637.70. Among the listed stocks, 1914 saw gains, 1156 experienced declines, and 99 remained unchanged.

On the Sensex, notable gainers included Bajaj Finserv, Bajaj Finance, Titan Company, IndusInd Bank, and ITC. Conversely, the losers featured HUL, Bharti Airtel, L&T, Nestle India, and UltraTech Cement. The RBI chose to maintain the repo rate at 6.5 percent, with the Standing Deposit Facility and Marginal Standing Facility rates also staying put at 6.25% and 6.75%, respectively.

In contrast, sectors sensitive to interest rates, such as banking, automotive, and real estate, saw gains ranging from 0.3 to 1.0%.

While the central bank opted not to make changes to its policy rates, Governor Shaktikanta Das did highlight the global headwinds that pose risks to the overall macroeconomic outlook.