Nifty scales above 25,100; RBI maintains repo rate at 6.5%; changes stance to neutral

The domestic equity benchmarks traded with modest gains in morning trade as RBI kept interest rate unchanged. The Nifty traded above the 25,100 level. Realty shares extended gains for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex rose 307.11 points or 0.38% to 81,941.92. The Nifty 50 index added 102.80 points or 0.41% to 25,115.95

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 1.16% and the S&P BSE Small-Cap index jumped 1.48%.

The market breadth was strong. On the BSE, 2,834 shares rose and 744 shares fell. A total of 139 shares were unchanged.

RBI Policy Outcome:

Reserve Bank of India (RBI) Governor Shaktikanta Das announced that the Monetary Policy Committee (MPC) has decided to keep interest rates unchanged, aligning with market expectations, while shifting its policy stance from "withdrawal of accommodation" to "neutral." The MPC voted by a 5:1 majority to maintain the policy repo rate at 6.5%. The RBI also retained its GDP growth target for FY25 at 7.2%. However, Consumer Price Index (CPI) inflation for September is expected to rise significantly due to unfavorable base effects and increasing food prices, according to the governor.

Buzzing Index:

The Nifty Realty index gained 2.46% to 1,055.30. The index rallied 3.44% in two consecutive trading sessions.

Phoenix Mills (up 4.55%), Macrotech Developers (up 3.59%), Mahindra Lifespace Developers (up 2.29%), Prestige Estates Projects (up 1.68%), Oberoi Realty (up 1.63%), Brigade Enterprises (up 1.4%), DLF (up 0.65%), Godrej Properties (up 0.11%) advanced.

Stocks in Spotlight:

Ajmera Realty & Infra India rallied 3.06% after the company reported collections of Rs 133 crore in Q2 FY25, up by 20% from Rs 111 crore recorded in Q2 FY24.

IRB Infrastructure Developers advanced 1.97% after the companys toll collection jumped 19% to Rs 502 crore in September 2024 as against Rs 421 crore posted in September 2023.

Indian Railway Finance Corporation (IRFC) gained 1.55% after its board has approved financing up to Rs 700 crore under finance lease for 20 BOBR rakes procured under the General-Purpose Wagon Investment Scheme (GPWIS) of the Ministry of Railways for NTPC. The Board also appointed Ajoy Choudhury as Chief Risk Officer for a fixed tenure of two years.

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