Mid-day Mood | Indices unfazed as RBI policy along expected lines, Nifty firm above 19,600

Stock Market Today

The Indian benchmark indices stood firm in the green territory in the afternoon trade on October 6, as the Reserve Bank of India's decision to keep interest rates unchanged was along expected lines. This also marks the fourth time in a row that the central bank has kept rates unchanged.

Gains in the market were also broad-based, with all sectors trading higher from the previous day. Around noon, the Sensex was up 276.68 points or 0.42 percent at 65,908.25 and the Nifty was up 81.20 points or 0.42 percent at 19,627.00.

Gainers outnumbered laggards — 1,866 shares gained, 1,146 fell and 106 remained unchanged.

"The RBI kept the policy rates unchanged at 6.5 percent. There weren’t any surprises in the Governors’ statement. Sometimes no news is good news, which is why markets have reacted with a slightly positive bias," said Apurva Sheth, Head of Market Perspectives & Research, SAMCO Securities.

"From the market perspective, the more important thing will be the US jobs data expected tonight. If the jobs data comes strong the market will react negatively discounting a rate hike by the Fed in the coming policy meeting. On the other hand, if the jobs data is weak, the market will rally discounting a pause by the Fed," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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On the technical front, analysts peg resistance for the Nifty at around 19,800, whereas the support is seen at 19,300-19,350.

Stocks and sectors

Bajaj twins — Bajaj Finserv and Bajaj Finance — were the top gainers, surging 4.55 percent and 3.07 percent, respectively. Gains in the counters came on the back of Bajaj Finance's plans to raise Rs 10,000 crore via qualified institutions placement (QIP) as well as the preferential issue of shares.

Bajaj Finance plans to raise up to Rs 8,800 crore via QIP and Rs 1,200 crore via preferential allotment to promoter Bajaj Finserv.

Concord Biotech also surged over 4 percent and hit a record high after brokerage firm Jefferies initiated coverage on the stock with a "buy" call.  The firm also sees around 19 percent upside potential in the stock.

Most rate-sensitive sectors - banks, automobiles and realty -- also rose 0.3-1.0 percent.

Sentiment was also robust within the broader market as all small and mid-cap indices were also up around 0.6 percent each.

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