Sensex gains 514 points; all eyes on RBI rate decision tomorrow
Indian markets rose for a second straight day on Tuesday, with the Sensex gaining 514 points to close at 72,896.92 and the Nifty climbing 0.67 per cent to 22,706.75. Buying was led by banking and retail stocks.
Tata Group retail stock Trent jumped more than 11 per cent on a strong quarterly update. Kotak Mahindra Bank, Axis Bank and Reliance Industries also supported the rally, while softer crude prices and firm global cues helped sentiment.
All eyes are now on the Reserve Bank’s policy decision on Wednesday, October 7. The market consensus expects a 25-basis-point repo rate hike to 5.50 per cent – which would be the first increase since February 2023.
The case for a hike rests on August retail inflation of 4.82 per cent, Brent crude above $100 a barrel and a weak rupee near 96.20 per dollar. Analysts say the RBI’s forward guidance will matter more than the rate move itself.
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