Stock Market Update: Stock market bounces as RBI cuts repo rate by 0.25%; Strong rally in Sensex-Nifty

• Market boom due to repo rate cut
• 0.25% repo rate cut by RBI
• Sensex rose by 447 points, Nifty by 152 points

Stock Market Update: The impact of RBI’s cut in repo rate has been felt in the Indian market. At the close, the Sensex was up 447.05 points, or 0.52 percent, at 85,712.37 and the Nifty was up 152.70 points, or 0.59 percent, at 26,186.45. Government banking stocks led the market rally. Nifty PSU Bank closed up 1.51 percent. Nifty IT closed up 0.90 percent, Nifty Auto 0.74 percent, Nifty Financial Services 0.98 percent, Nifty Metal 0.67 percent and Nifty Realty 0.34 percent higher.

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On the other hand, Nifty Media closed with a loss of 0.48 percent and Nifty India Defense 0.70 percent. The gainers in the Sensex pack were SBI, Bajaj Finserv, Bajaj Finance, Maruti Suzuki, HCL Tech, L&T, M&M, Infosys, Kotak Mahindra Bank, HDFC Bank, ITC, ICICI Bank and Titan. BEL, Sun Pharma, Trent, Zomato and HUL advanced.

India’s rally was boosted by RBI’s Monetary Policy Committee (MPC) interest rate cut, which reduced the repo rate by 0.25 percent to 5.25 percent. Midcap stocks also gained, while largecap stocks also gained. The Nifty Midcap 100 index closed up 294.80 points, or 0.49 per cent, at 60,594.60. The Nifty Smallcap 100 index closed down 100.10 points, or 0.57 percent, at 17,507.75.

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Regarding the policy, EEPC India’s Pankaj Chadha said the RBI’s cut in the repo rate by 25 basis points to 5.25 percent will reduce borrowing costs and boost economic growth. Meanwhile, SBI Securities Head of Technical and Derivatives Research Sudeep Shah said that the resistance level for the Nifty is between 26,300 and 26,350. If it crosses 26,350 and sustains, it can reach 26,500.

The stock market opened lower. At 9:30 am, the Sensex was trading down 17.32 points, or 0.02 percent, at 85,248. While the Nifty rose by 2.10 points or 0.01 percent to 26,035.85.