Live: RBI policy outcome to dictate the market trend| Bajaj Finance, PB Fintech in focus
Indian equity market rebounded smartly after couple of days of correction and climbed back above 19,500 mark on October 5. Experts say if the index sustains this uptrend in coming session then it may face hurdle at 19,600-19,700 levels, whereas on the lower side 19,400-19,350 can be key support. The positive signals from PMI data, and fall in oil prices seem to have boosted sentiment, while in terms of sectors, banking & financial services and technology stocks supported the market. The benchmark indices had a gap up opening with the BSE Sensex rising 406 points at 65,632, and the Nifty50 climibing 110 points to 19,546, ahead of the outcome of Monetary Policy Committee scheduled on October 6. On the broader markets front, the Nifty Midcap 100 index was flat and the Nifty Smallcap 100 index rose 0.6 percent amid positive breadth. The volatility cooled down considerably with the India VIX declining 5.94 percent to 10.94 levels. This morning global cues are mixed with Wall Street ending in the negative zone but Asian markets edge higher as US 10-year yields ease from 16-year highs ahead of monthly jobs data due tomorrow. The GIFT Nifty hints at a mildly higher start for the Indian market. Investors will also watch out for the RBI policy outcome today. The central bank is likely to keep repo rate unchanged but the commentary is expected to be hawkish. Meanwhile, stocks in focus today are Bajaj Finance, PB Fintech and Godrej Consumer. Catch Nandita Khemka in conversation with Raja Venkatraman, Co-founder Neotrader and Trading Influencer and Latha Venkatesh, Executive Editor, CNBC-TV18.
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