Indian equity benchmarks ended marginally higher on Wednesday after the Reserve Bank of India (RBI) kept the benchmark repo rate unchanged at 5.25 per cent and maintained its neutral policy stance, broadly in line with market expectations.
The Sensex settled 152.05 points, or 0.19 per cent, higher at 78,581.00, while the Nifty edged up 9.75 points, or 0.04 per cent, to close at 24,624.65.
Commenting on Nifty technical outlook, experts said that on the downside, 24,500 stands as the immediate support to watch, followed by the 24,400–24,300 zone as the next line of defense.
"From the derivatives perspective, the 24,600 strike carries the highest Call Open Interest, explaining the repeated resistance at this level, while the 24,500 and 24,400 strikes have seen the strongest Put OI concentration, forming a credible support base for the index," an analyst stated.
"A sustained close above 24,600 is required to confirm renewed bullish momentum. Until then, the index is likely to remain range-bound, with 24,500–24,300 acting as the key support corridor," as per the market expert.
Markets witnessed a muted session as investors largely digested the central bank's policy announcements, with gains in select sectors offsetting weakness in banking stocks.
The RBI retained its growth outlook for the economy, projecting India's gross domestic product (GDP) growth at 6.7 per cent for the current financial year.
The central bank also revised its headline inflation forecast to 5 per cent from the earlier estimate of 5.1 per cent.
Among individual stocks, Shriram Finance, Grasim Industries, and JSW Steel emerged as the top gainers in the Nifty index, helping support benchmark indices through the session.
Broader markets outperformed the frontline indices. The Nifty MidCap index ended 0.18 per cent higher, while the Nifty SmallCap index advanced 0.7 per cent.
Sectoral performance remained mixed. The Nifty Metal index led the gains, followed by the Nifty Realty and Nifty Auto indices.
In contrast, banking counters remained under pressure, with the Nifty Private Bank and Nifty Bank indices ending lower and emerging as the key laggards of the session.
Experts said that market sentiment remained stable as the RBI's policy decisions matched expectations, while optimism around economic growth and a slightly lower inflation forecast helped keep equities in positive territory.
