By Priya Raghuvanshi

Copyright timesnownews

Indian benchmark indices rallied on Wednesday during the day after the Reserve Bank of India decided to keep the repo rate unchanged. At 12:10 pm, Sensex jumped 80,953.27, up by 685.65 points or 0.85 per cent, while the Nifty gained 197.05 points, rising 0.80 per cent to reach 24,808.15. The Bank Nifty and financial services stocks saw heavy buying following the RBI’s policy announcement. The central bank’s move to broaden capital market lending by banks, ease borrower account operations, and remove restrictions on lending against listed securities helped boost investor confidence. Key gainers like Kotak Mahindra Bank and Shriram Finance surged sharply, lifting overall market sentiment. Global and Domestic Factors Boost Sentiment Positive global market trends, including gains in South Korea’s Kospi and a strong close in US markets, added to the bullish momentum. Meanwhile, Brent crude oil prices eased by 1.4 per cent to $67.02 per barrel, relieving inflation concerns and supporting risk appetite. The Indian rupee strengthened by 5 paise to 88.75 against the US dollar, further energising domestic equities. Additionally, the India Vix, the market’s fear gauge, dropped 3.68 per cent to 10.66, indicating reduced volatility and encouraging investors to take on more risk. RBI’s Stance and Market Outlook RBI Governor Sanjay Malhotra, in a video message, highlighted the potential for future rate cuts, noting, “The current macroeconomic conditions and the outlook have opened up policy space for further supporting growth.” The Monetary Policy Committee kept the repo rate unchanged at 5.5 per cent, maintaining a neutral stance for the second consecutive meeting. Market strategist Anand James of Geojit Financial Services said, “Nifty closed near the day’s low, but oscillators remain accommodative for further upswings.” He identified upside targets at 24,970 and 25,050, with immediate resistance at 24,720 and 24,800, and key support levels at 24,500 and 24,336. Get Latest News live on Times Now along with Breaking News and Top Headlines from Business, Companies and around the world.