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2h ago

Indian Stocks Edge Higher After Six-Session Slide as RBI Decision Looms

Investors look to the RBI’s policy meeting for cues on whether the selloff will stabilize.

FILE - People pass the New York Stock Exchange on Nov. 5, 2024, in New York. (AP Photo/Peter Morgan, File)
A man displays US dollar notes after withdrawing cash from a bank in Harare, Zimbabwe, July 9, 2019. REUTERS/Philimon Bulawayo/File Photo
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 25, 2025. (AP Photo/Ahn Young-joon)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 25, 2025. (AP Photo/Ahn Young-joon)

Overview

  • Benchmarks opened in the green on Monday, with GIFT Nifty signaling a rebound and early trade lifting the Sensex above 80,500 and the Nifty near 24,700.
  • Friday capped a sixth straight decline as the Sensex fell 733.22 points to 80,426.46 and the Nifty lost 236.15 points to 24,654.70, marking the steepest weekly drop in months.
  • Pharma and IT led last week’s fall after the US announced 100% tariffs on branded and patented drug imports from October 1 and a steep H‑1B fee hike, with a weaker outlook from Accenture adding pressure.
  • Foreign portfolio investors were heavy net sellers, offloading about ₹15,293 crore during the slide including ₹5,688 crore on Friday, while domestic institutions bought roughly ₹19,517 crore.
  • Market breadth and technicals remain fragile, with mid- and small-caps underperforming and analysts flagging Nifty support near 24,400–24,350 and resistance around 24,850–24,900 as the RBI MPC meets Sept 29–Oct 1.