Indian Stock Market Reaches New Heights Amid Anticipation of Rate Cuts
The stock market ended on a positive note, with both benchmark indices reaching record highs. Gains in sectors such as auto, oil and gas, and financial services played a key role in driving the market upward.
Indian Stock MarketRbiRepo RateMonetary PolicyEquity MarketReal EstateReal Estate NewsSep 23, 2024
Gains in sectors such as auto, oil and gas, and financial services played a key role in driving the market upward. Out of the Nifty 50 companies, 34 stocks advanced, while 16 experienced declines. Bajaj Auto, Mahindra & Mahindra (M&M), ONGC, Hero Motocorp, and SBI Life were among the top performers, contributing to the rally.
The market's upward momentum was primarily fueled by anticipation surrounding the upcoming Monetary Policy Committee (MPC) meeting of the Reserve Bank of India (RBI), scheduled for October 7 to 9, where a decision on the repo rate is expected. With potential rate cuts on the horizon, India VIX, the volatility index, spiked by over 9%, indicating some caution among investors.
VLA Ambala, Co-Founder of Stock Market Today, commented on the session's performance, pointing to broader economic factors at play.
Frequently Asked Questions
What happened to the Indian stock market on Monday?
The Indian stock market ended on a positive note, with both benchmark indices reaching record highs.
What is the expected outcome of the RBI's Monetary Policy Committee meeting?
The RBI is expected to cut the repo rate, which could increase liquidity in the economy and lead to further gains in the equity market.
How will a rate cut by the RBI affect the real estate sector?
A rate cut by the RBI could boost the real estate sector, as it could increase liquidity in the economy and lead to lower interest rates.
What is the current state of the Indian economy, according to the composite PMI?
India's fast composite PMI recorded slower growth in September, marking the slowest growth rate of 2024 for the manufacturing and service sectors.
What is the advice of VLA Ambala to investors in the current market scenario?
VLA Ambala advised investors to approach the market with care, as the Nifty index may find support at 25,870 and 25,680, with resistance likely at 26,050 and 26,130 in the upcoming session.
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