India’s benchmark stock market indices Sensex and Nifty opens high on Wednesday, October 09, 2024. The 30 Sensex firms trades high to rise at 81,954 levels in early trade. The Nifty50 index on NSE also trades high. Nifty50 was trading higher to rise to 25,091 levels in early trade. Among the Sensex pack, stocks like Tata Motors, Tech Mahindra, Asian Paints, HCL Technologies, Mahindra and Mahindra, Maruti Suzuki, Ultratech Cement, Tata Steels etc were among the winners in early trade. HDFC Bank, JSW Steel were among the losers in early trade on Wednesday.
This win is ahead of the Monetary Policy statement by RBI Governor Shaktikanta Das at 10:00 am today. The RBI’s rate-setting panel is widely expected to keep the benchmark repo rate unchanged at 6.5% for the tenth straight meeting. Notably, this is the first RBI MPC meeting after three new external members appointed by the government on the panel last week.
Numerous economists and analysts have opined that rates will not be changed due to high vegetable inflation in the country.
In recent past, the western central banks have slashed their benchmark interest rates. The US Fed Reserve had slashed its benchmark rates by 50 basis points. While, the European Central Bank had trimmed rates twice in the current calendar year. However, Indian economy is reacting quite differently from the US economy and therefore repo rate change is unlikely.
It is worth noting that Sensex, Nifty settled down positively on Tuesday. This was first Time in prior six sessions to that on the backdrop of ruling BJP maintaining lead in Haryana Assembly Polls in trends.
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