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Informist, Wednesday, Oct. 7, 2026

By Shruti Nair

MUMBAI – Benchmark indices are expected to open lower, mainly due to rising crude oil prices. Market participants will focus on the Reserve Bank of India's bi-monthly policy meeting scheduled for later in the day, where the central bank is expected to raise benchmark lending rates by 25 basis points. Market participants have already priced in the possibility of a rate hike, but some analysts said that hawkish commentary by the central bank will likely trigger volatility in the market.

At 0814 IST, December futures of Brent crude oil were up nearly 1% at $101.47 per barrel on the Intercontinental Exchange, up nearly 40% from before the start of the US-Iran war. Oil prices rose on concerns over potential supply disruptions from a storm moving towards US oil-producing areas and attacks by Yemen's Iran-backed Houthis on Saudi Arabia, according to media reports.

Wednesday, the RBI's Monetary Policy Committee is expected to raise the policy repo rate for the first time in more than three years amid sustained price pressures. Out of the 19 economists and market participants polled by Informist, 15 expect the panel to hike the repo rate by 25 basis points to 5.50%. The remaining four participants in the poll expect the panel to keep the repo rate unchanged at this meeting, but anticipate a hike in December.

Tuesday, the benchmark indices ended higher for the second session in a row, with the Nifty 50 and the BSE Sensex ending around 1% higher each at 22776.10 points and 73067.81 points, respectively. At 0807 IST, GIFT Nifty October futures were at 22674 points, down 102.10 points from Nifty 50's close Tuesday. The technical chart structure remains negative as long as the index trades below the 22850–23000 zone, according to analysts, with the 22560 and 22450 zone serving as crucial support for the index.

In the near term, elevated crude oil prices, higher US bond yields, and persistent selling by foreign institutional investors remain key concerns for the domestic market, according to analysts. A significant fall in crude oil prices will be required to ease the pressure on the rupee and engender positive interest from foreign institutional investors. Tuesday, foreign institutional investors net sold INR 29.61 billion in the Indian equity market.

Stocks of banks and other lenders will be in focus Wednesday in light of the RBI's decision on benchmark lending rates. Among individual stocks, shares of Titan Co. and Kalyan Jewellers will likely see some traction following their business updates for the September quarter. Tuesday, post-market hours, Titan Co. reported a 25% on-year jump in its consumer business revenue over Jul-Sept, while Kalyan Jewellers Wednesday reported a 26% on-year jump in its consolidated revenue.  End

US$1 = INR 96.43

Edited by Himanshi Gupta

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