Markets rebound after 8-day slump; Sensex jumps over 700 points post RBI policy
Mumbai (PTI): Market benchmarks rebounded sharply on Wednesday after an eight-session losing streak, with Sensex jumping 715 points, propelled by bargain hunting in bank and financial stocks after the RBI left interest rates unchanged and revised upward its growth estimates to 6.8 per cent for the current fiscal.
Buoyancy across global equities and easing crude oil prices boosted the risk appetite of local investors, triggering value buying across the sectors, traders said.
The 30-share BSE Sensex jumped 715.69 points or 0.89 per cent to settle at 80,983.31. During the day, it surged 800.81 points or 0.99 per cent to 81,068.43.
As many as 2,797 stocks advanced while 1,360 declined and 134 remained unchanged on the BSE.
The 50-share NSE Nifty climbed 225.20 points or 0.92 per cent to 24,836.30.
From the Sensex firms, Tata Motors jumped the most by 5.54 per cent, followed by Kotak Mahindra Bank, Trent, Sun Pharma, Axis Bank, and ICICI Bank.
However, Bajaj Finance, State Bank of India, UltraTech Cement and Tata Steel were among the laggards.
"The equity market posted a broad-based rally today, with the RBI’s policy decision broadly in line with expectations but accompanied by a more constructive tone than in June, which buoyed investor sentiment. Its dovish stance, alongside an upward revision of India’s GDP growth forecast from 6.5 per cent to 6.8 per cent, reinforced confidence," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The Reserve Bank of India expectedly left its key interest rates unchanged on Wednesday, as it waited for greater clarity on the impact of US tariffs as well as transmission of earlier rate cuts and recent tax reductions.
RBI Governor Sanjay Malhotra, however, signalled scope for easing in the coming months to support the economy from any possible hit from US tariffs.
The six-member monetary policy committee voted unanimously to keep the repurchase rate unchanged at 5.5 per cent and decided to continue with a "neutral" policy stance, giving it flexibility to move in either direction if needed in future.
"Markets rallied across the board on Thursday after the Reserve Bank of India lifted its FY26 GDP growth forecast to 6.8 per cent and trimmed inflation expectations to 2.6 per cent -- the lower bound of its target range. The upbeat outlook on growth and price stability came as a timely reassurance for investors, who had been jittery over the potential drag from steep US tariff hikes.
"RBI’s commentary helped restore confidence, signalling resilience in India's macro fundamentals despite global headwinds," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
The central bank raised its growth forecast for the fiscal year ending March 2026 to 6.8 per cent from 6.5 per cent, but the governor said the forward-looking projections for Q3 (October-December) and beyond are expected to be slightly lower than projected earlier, primarily due to trade-related headwinds, despite being partially offset by the impetus provided by the rationalisation of GST rates.
The BSE smallcap gauge jumped 1.16 per cent, and the midcap index climbed 0.91 per cent.
All sectoral indices ended higher. Bankex climbed 1.44 per cent, telecommunication (1.26 per cent), financial services (1.22 per cent), healthcare (1.13 per cent), realty (1.11 per cent), utilities (1.03 per cent) and consumer discretionary (0.94 per cent).
"Additional support (for equities) came from five targeted measures to ease lending, including relaxed capital market exposure norms and enhanced infrastructure financing. Gains were led by banking and consumer stocks, while autos advanced on the back of healthy sales. Overall, the rebound reflects improving sentiment and hints at early signs of a potential shift in market direction," Nair said.
Equity markets will remain closed on Thursday for Dussehra and Mahatma Gandhi Jayanti.
In Asian markets, South Korea's Kospi settled in positive territory, while Japan's Nikkei 225 index ended lower. Markets in China were closed for the National Day holiday.
Equities in Europe were trading higher in mid-session deals.
US markets ended higher on Tuesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,327.09 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 5,761.63 crore, according to exchange data.
Global oil benchmark Brent crude declined 0.95 per cent to USD 65.40 a barrel.
In the last eight trading days, the BSE benchmark has tanked 2,746.34 points or 3.30 per cent, and the Nifty dropped 812.5 points or 3.19 per cent.
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Shah Rukh Khan, Kajol unveil ‘DDLJ’ sculpture at London’s Leicester Square
London (PTI): Bollywood stars Shah Rukh Khan and Kajol huddled under an umbrella on a rainy Thursday in London to unveil their bronze likeness from an iconic ‘Dilwale Dulhania Le Jayenge’ scene.
The sculpture of the duo joins Leicester Square’s ‘Scenes in the Square’ trail depicting memorable shots from some of the world’s most famous films, with ‘DDLJ’ marking a Bollywood first and the 30th anniversary of the 1995 box-office hit. It is in this popular London square that SRK as Raj and Kajol as Simran first cross paths unknowingly.
“DDLJ was made with a pure heart. We wanted to tell a story about love, how it can bridge barriers and how the world would be a better place if it had a lot of love in it, and I think this is why 'DDLJ' has had a lasting impact for over 30 years now," said Khan.
“Personally, 'DDLJ' is part of my identity, and it is humbling to see film, and Kajol and me, receiving so much love since it was released,” he said.
He expressed his gratitude to the Heart of London Business Alliance, behind the cinematic trail at Leicester Square, for celebrating ‘DDLJ’ and “immortalising” its lead stars.
“Seeing ‘DDLJ’ become the first Indian film to be honoured in the iconic Scenes in the Square trail is an emotional moment and has brought back so many memories.
"I feel immense pride knowing the film has been embraced around the world, and I want to share this moment with the entire cast and crew of ‘DDLJ’, my friend and director Aditya Chopra and the Yash Raj Films family. This is a moment I will never forget,” added Khan.
Kajol, joined by her daughter Nysa and son Yug, posed with Khan in front of the statue as she braved the rain in a green saree.
“It’s incredible to see ‘Dilwale Dulhania Le Jayenge’ continue to receive so much love, even 30 years later. Watching the statue being unveiled in London felt like reliving a piece of our history - a story that has truly travelled across generations,” said Kajol.
“Seeing it find its rightful place in Leicester Square, a location of such enormous significance to ‘DDLJ’, makes this moment even more special. For the film to be honoured in this way in the UK – the first Indian film to receive such recognition – is something that will forever stay in the hearts and minds of all the ‘DDLJ’ fans across the world,” she said.
Their statue, captured in a dancing pose from the hit song ‘Mehndi Laga Ke Rakhna’, joins the likes of Harry Potter, Bridget Jones, Mary Poppins, and Batman in what is dubbed as an ever-growing celebration of movie magic in a square packed with multiplex cinema screens.
“When ‘Dilwale Dulhania Le Jayenge’, DDLJ, was released 30 years ago, the film became a defining moment for Indian cinema and changed the face of the industry, capturing the hearts of everyone who saw it all over the globe," said Akshaye Widhani, CEO of Yash Raj Films.
“We’re thrilled to be the first Indian film to be represented in ‘Scenes in the Square’. It also marks 30 years of DDLJ, a film that has spread love and joy globally, and shows the cultural impact it has had in UK.
“We are honoured that our superstars and our film are being recognised on the world stage alongside the Hollywood elite, from Gene Kelly to Laurel & Hardy to Harry Potter. This statue will be a great way to express the international appeal of Indian movies and build bridges amongst communities through cinema,” he said.
Since its release in 1995, ‘DDLJ’ has become the longest-running film in Hindi cinema history.
Ros Morgan, Chief Executive at Heart of London Business Alliance, said: “We’re proud to welcome global megastars Shah Rukh Khan and Kajol to our Scenes in the Square trail.
"Dilwale Dulhania Le Jayenge is a cinematic phenomenon that has shaped generations, and London’s first tribute to Indian cinema honours a story whose magic continues to captivate audiences worldwide.”
It is a particularly special year for the film, with a musical based on the romance playing to packed houses at Manchester’s Opera House earlier this year. Aditya Chopra reprised his role as director of the English language stage production, ‘Come Fall In Love – The DDLJ Musical’, which revolved around the love story of Simran and Roger.
The script was a nod to the original as it followed Simran as a young British Indian woman who finds herself engaged to a family friend in India in an arranged marriage. However, the plot thickens when she falls in love with a British man named Roger.
