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Market snaps 6-day losing streak ahead of RBI policy

At close, the Sensex was up 584.81 points or 0.72% at 81,634.81, and the Nifty was up 217.40 points or 0.88% at 25,013.20.

Market snaps 6-day losing streak ahead of RBI policy

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Benchmark indices snapped six-day losing streak and ended higher on Tuesday. Nifty breached 25,000 led by buying across the sectors barring metals and ahead of RBI policy.

At close, the Sensex was up 584.81 points or 0.72% at 81,634.81, and the Nifty was up 217.40 points or 0.88% at 25,013.20.

Both the indices ended the day in positive territory, primarily fueled by a notable increase in banking and auto stocks.

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On Nifty, Trent, Adani Enterprises, Adani Ports, Bharat Electronics, M&M were among the top gainers. Tata Steel, SBI Life Insurance, Titan Company, JSW Steel and Bajaj Finserv were on the losing side.

BSE midcap index added nearly 2% and smallcap index rose 2.5%.The market capitalisation of companies listed on the BSE increased by approximately Rs 8 lakh crore today.

Over 150 stocks touched their 52-high on the BSE, including, Coforge, Ipca Labs, Trent, EPL, Dr Lal PathLab, Akzo Nobel, Dixon Technologies among others.

Nifty Bank index rose by 1.15%, led by 2.1% gains in HDFC Bank shares. Nifty Metal index ended the trade with a drop of nearly 1% after China’s leading economic planner failed to introduce further stimulus measures.

Federal Bank, Bank of Baroda, Canara Bank, SBI, and IDFC First Bank, also contributed to the positive momentum, each ending the day with gains of over 1%.

Nifty Midcap100 index rose 2.16% to settle at 58,535.90 while the Nifty Smallcap100 index advanced 2.05% to end at 18,617.65.

Shares of One97 Communications, the parent company of Paytm, soared by up to 15.76% on Tuesday, This was its largest single-day gain since February 8, 2023.

SBI Life shares fell over 3 percent despite a positive market sentiment.

Tata Steel languished in the red, along with the rest of the metals pack, after the lack of a fresh stimulus coming out of China.

The stock fell over 3 per cent despite brokerage Morgan Stanley upgrading the counter to ‘equal-weight’ last week.

Investors are eyeing the Reserve Bank of India’s (RBI) monetary policy decision on October 9. While the central bank is expected to hold rates, a change in stance could be on the cards.

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