Wed Oct 09 07:21:57 UTC 2024: ## RBI Holds Repo Rate Steady, Sensex Soars 600 Points

**Mumbai, India:** The Indian stock market, which had been in a continuous decline for six days, witnessed a sharp rebound on Wednesday after the Reserve Bank of India (RBI) announced a hold on the repo rate for the tenth consecutive time.

The benchmark Sensex opened higher at 81,954.58, up from its previous close of 81,634.81, and traded with gains of 100-150 points until the announcement of the RBI’s Monetary Policy Committee (MPC) meeting results. However, as soon as RBI Governor Shaktikanta Das declared the status quo on the repo rate, the market surged. The Sensex jumped over 670 points to reach 82,319 by the time this report was written.

The Nifty 50 index also mirrored the Sensex’s performance, opening higher at 25,065, up from its previous close of 25,013. The index then gained momentum after the RBI announcement, closing at 25,227, a rise of 215 points or 0.84%.

Several individual stocks witnessed significant gains. In the large-cap category, Bajaj Finance rose 3.16% to ₹7417.90, Bharti Airtel gained 2.67% to ₹1702.60, Tata Motors climbed 2.63% to ₹944, and Axis Bank surged 3.58% to ₹1182. The State Bank of India (SBI) also saw a 2.33% increase, closing at ₹800.25. Other large-cap stocks like ICICI Bank, Titan, Maruti, Tata Steel, and Tech Mahindra also experienced substantial gains.

Mid-cap stocks also recorded significant increases. Suzlon gained 8.12%, Torrent Power rose 6.35%, Exide India climbed 5.65%, and GICRE jumped 5.13%. Small-cap stocks like Dhani saw a remarkable 20% surge, while RITES, Goldiam, and IIFL Securities also rose by over 9%.

The RBI’s decision to keep the repo rate unchanged at 6.5% for the tenth consecutive time, along with the status quo on the reverse repo rate at 3.35% and the bank rate at 6.75%, has boosted investor sentiment. This move is seen as a positive sign for the Indian economy and the stock market, indicating a stable interest rate environment.

**Disclaimer:** It is essential to consult with financial experts before making any investment decisions.

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