As per provisional closing data, the S&P BSE Sensex was down 167.71 points or 0.21% to 81,467.10. The Nifty 50 index shed 31.20 points or 0.12% to 24,981.95.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 1.06% and the S&P BSE Small-Cap index jumped 1.21%.

The market breadth was strong. On the BSE, 2,706 shares rose and 1,247 shares fell. A total of 97 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.44% to 14.09.

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.

IPO Update:

The initial public offer (IPO) of Garuda Construction and Engineering received bids for 7,28,28,532 shares as against 1,99,04,862 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (09 October 2024). The issue was subscribed 3.66 times.

The issue opened for bidding on Tuesday (08 October 2024) and it will close on Thursday (10 October 2024). The price band of the IPO is fixed between Rs 90 to Rs 95 per share. An investor can bid for a minimum of 157 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index jumped 2.15% to 1,052.05. The index rallied 3.12% in two consecutive trading sessions.

Phoenix Mills (up 4.37%), Oberoi Realty (up 4.27%), Macrotech Developers (up 3.61%), Prestige Estates Projects (up 2.3%), DLF (up 1.42%), Godrej Properties (up 1.1%), Mahindra Lifespace Developers (up 0.96%) and Brigade Enterprises (up 0.18%) advanced.

The Phoenix Mills rallied 4.37% after the company said that its total consumption stood at approximately Rs 3,289 crore in Q2 FY25, registering a growth of 25% year on year (YoY).

Stocks in Spotlight:

Tata Technologies rose 0.91%. The company has launched the joint venture with the BMW Group namely BMW TechWorks India, to focused on developing automotive software and business IT Solutions.

JSW Infrastructure shed 0.53%. The company said that it has received Letter of Intent from Maharashtra Maritime Board (MMB) for developing and operating a Port at village Murbe in Palghar District of Maharashtra.

Torrent Power rallied 6.89% after the company announced that it has received letter of award from Maharashtra State Electricity Distribution Company (MSEDCL) for supplying 2,000 Megawatt (MW) energy storage capacity. The total annual revenue will be Rs 1,680 crore.

Varun Beverages added 0.42%. The company said that its board has approved a proposal to raise funds by way of issuance of equity shares for an aggregate amount not exceeding Rs 7,500 crore, in one or more tranches, through qualified institutions placement (QIP) route.

Welspun Enterprises advanced 2.78% after the company has secured order worth Rs 1,989.40 crore from Brihanmumbai Municipal Corporation (BMC) for the construction of tertiary treated water conveyance tunnel from Dharavi to Ghatkopar.

Ajmera Realty & Infra India rallied 4.03% after the company reported collections of Rs 133 crore in Q2 FY25, up by 20% from Rs 111 crore recorded in Q2 FY24.

Rites surged 7.55% after the company announced that it has signed a Memorandum of Understanding (MoU) with Etihad Rail for developing railways and related infrastructure services works in UAE and wider region.

Arvind SmartSpaces jumped 6.20% after the company signed a new residential apartment project in Bengaluru, with a total estimated saleable area of 4.2 lakh sq. ft. and a top-line potential of Rs 600 crore.

Ceinsys Tech hit an upper circuit of 20% after the company received letter of award (LoA) from State Water and Sanitation Mission (SWSM), Water Supply and Sanitation Department (WSSD) for appointment of system integrators worth Rs 331.61 crore.

RMC Switchgears was locked in upper circuit of 5% after the electrical equipment company bagged an order the development of solar power project aimed at solarizing agricultural feeders in Maharashtra for Rs 201 crore.

Signatureglobal (India) added 0.51%. The company's pre sales zoomed 184% to Rs 2,780 crore in Q2 FY25 from Rs 980 crore recorded in Q2 FY24.

Global Markets:

European stocks advanced on Wednesday as positive sentiment wavered in the region, spurred on by volatility in China.

Most Asian shares ended lower on Wednesday, as investors remained cautious amid ongoing geopolitical tensions and a lack of concrete stimulus details from China.

Chinese shares experienced a sharp decline as investors were disappointed by the absence of specific measures to boost the economy. Despite repeated calls from investors, Beijing has been hesitant to implement targeted fiscal stimulus.

US stocks rebounded on Tuesday, following a decline the previous day, as oil prices eased and investors assessed the situation in the Middle East. The S&P 500 gained 0.97%, the Nasdaq Composite rose 1.45%, and the Dow Jones Industrial Average added 0.3%.

Markets are now closely watching for clues about future US interest rate policy, as doubts persist regarding the Federal Reserve's plans for further rate cuts. The minutes of the Fed's September meeting are scheduled for release later on Wednesday, and several Fed officials are also set to speak.

Consumer price index inflation data, due on Thursday, is expected to play a significant role in shaping the Fed's outlook.

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