Wed Oct 09 04:10:37 UTC 2024: ## Indian Stock Market Rebounds on Hopes of Rate Cut, RBI Monetary Policy Outcome Awaited
**Mumbai, October 9, 2024:** The Indian stock market ended on a high note yesterday, buoyed by expectations of a potential interest rate cut from the Reserve Bank of India (RBI). The RBI’s Monetary Policy Committee meeting results are due to be announced today, keeping investors on edge.
Trading began with indices wavering, but a surge in investment in companies like HDFC Bank, Reliance, Mahindra & Mahindra, and Infosys propelled the market upward. All sectors except metals saw gains in the Nifty 50 index, which closed with a 1% increase after six consecutive days of decline.
Market experts attributed the rebound to a shift in sentiment among foreign institutional investors (FIIs). After selling stocks for several days, FIIs are now buying back in, encouraged by the likelihood of further interest rate cuts by the US Federal Reserve. However, FIIs still sold shares worth ₹5,730 crore yesterday.
The global crude oil price fell by 1.84% to USD 79.44 per barrel. Meanwhile, the Indian Rupee strengthened by 3 paise against the US dollar, closing at ₹83.97.
Separately, 17 sculptures were handed over to the government museum, signifying an ongoing effort to enrich the country’s cultural heritage.
**Key takeaways:**
* The Indian stock market experienced a significant rebound yesterday, primarily driven by expectations of a potential RBI interest rate cut.
* The market also benefited from renewed buying interest from FIIs, influenced by the possibility of further US Federal Reserve rate cuts.
* The RBI’s Monetary Policy Committee meeting outcome, expected to be announced today, will be crucial in determining the future trajectory of the market.
First Piper 