Indian stocks: Ahead of the RBI MPC results, SENSEX and NIFTY started at high levels.

On October 9th, SENSEX and NIFTY50 began slightly higher, riding the wave of global market uptrend in anticipation of the long-awaited monetary policy announcement by the Reserve Bank of India.

As of 9:17 am, SENSEX was up 183 points (0.2%) at 81,818, and NIFTY was up 49 points at 25,062. Approximately 1,952 stocks rose, 479 stocks fell, and 91 stocks remained unchanged. While the bank sector and IT sector led NIFTY's rise, the metal and FMCG sectors faced selling pressure.

There is a growing expectation that the RBI will keep the benchmark repurchase rate, which has been unchanged since February 2023, at 6.5%. A consensus has been reached in a survey of 12 economists, bankers, and fund managers conducted by Moneycontrol, indicating that RBI's Monetary Policy Committee is likely to keep the key interest rates steady.

NIFTY and SENSEX suffered a 6-day losing streak, with NIFTY closing above the psychological and sentimental threshold of 25,000 levels. As long as NIFTY remains above 25,000, the medium to long-term trend will remain positive. This level is very crucial, and today's market focus will be on whether NIFTY can maintain this level. If it falls below 25,000, there may be continued bearish sentiment, said Kranti Bathini, Equity Strategy Director at WealthMills Securities.

In Nifty50, Shriram Finance, Tata Motors, Maruti Suzuki, Cipla, Tech Mahindra were among the top gainers, rising by 1-3%. On the other hand, ONGC, ITC, Britannia, Nestle, Grasim declined by 1-2%.

Deepak Jasani, Retail Research Head at HDFC Securities, stated, 'NIFTY may face resistance at 25,182-25,230 while the range of 24,697-24,753 could potentially act as short-term support.'