Equity benchmarks are expected to open cautiously on Wednesday, with the GIFT Nifty trading at 22,674 as of 8:46 AM, down 125 points or 0.55%. The RBI’s Monetary Policy Committee decision at 10 AM is today’s key event, with markets anticipating a rate hike.
The stock market rebounded on Tuesday, marking its second consecutive day of gains. The Sensex climbed 685.34 points or 0.95% to close at 73,067.81, while the Nifty 50 rose 220.35 points or 0.98% to 22,776.10. Sectors like pharma, FMCG, media, and consumer durables saw buying activity, while the Nifty IT and Nifty Cement indices declined.
RBI’s Rate Decision in Spotlight
RBI Governor Sanjay Malhotra will announce the repo rate decision at 10 AM. The repo rate has held steady at 5.25% over the past four reviews. Economists predict a 25 basis point increase, marking the first hike since February 2023 and a reversal of the 125 basis points cut in 2025.
On Tuesday, Wall Street closed higher, with the S&P 500 and Nasdaq Composite reaching record highs. The S&P 500 rose 0.58% to 7,818.93, its first close above 7,800. The Nasdaq gained 0.45% to 27,599.79, and the Dow increased 0.49% to 51,521.28. Asian markets are mixed this morning, with Japan’s Nikkei 225 trading flat and South Korea’s Kospi opening lower.
Stocks to Watch
Titan Company will be in focus after reporting a 22% YoY rise in its domestic business for Q2FY27. Its jewellery segment grew 21% YoY, while watches and EyeCare rose 30% and 28% YoY, respectively.
Godrej Consumer Products inaugurated the first phase of its new manufacturing facility in Indonesia’s Kendal Special Economic Zone on Tuesday. The facility is part of an IDR 500 billion investment, approximately Rs. 250 crore.
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HCLTech announced a Rs. 500 crore investment to expand HCL IT City in Lucknow. Separately, the company launched an AI upskilling initiative for 1,000 students.
Asian Paints will consider an interim dividend for FY27 at its board meeting on October 29, according to a regulatory filing.
JSW Cement commissioned an additional 1.00 MTPA cement grinding unit in Nagaur, Rajasthan, bringing its total cement grinding capacity to 25.10 MTPA. Its total clinker capacity, including its joint venture JSW Cement FZC, stands at 9.74 MTPA.
Corporate Developments and Financial Updates
Ola Electric shares are expected to see movement following in-principle approval for a proposed rights issue of up to Rs. 1,000 crore. Blue Dart Express faces a GST show cause notice of Rs. 27.1 crore for FY23-FY24, while announcing a 9-12% price hike for domestic services and exploring parcel movement through the Delhi-Ghaziabad-Meerut Namo Bharat corridor.
Mphasis secured a 35.4 million euros contract from Social Security Scotland. Kanohar Electricals reported a 140% jump in net profit, though its shares declined 7.62% due to valuation concerns. Apollo Tyres CFO Gaurav Kumar resigned effective October 6, citing personal and professional reasons.
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