As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 364.06 points or 0.55% to 65,995.62. The Nifty 50 index added 107.75 points or 0.55% to 19,653.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.66% while the S&P BSE Small-Cap index gained 0.56%.

The market breadth was strong. On the BSE, 2,316 shares rose and 1,327 shares fell. A total of 158 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 5.57% to 10.33.

RBI MPC Meet Outcome:

The Reserve Bank of India's Monetary Policy Committee (MPC) at its meeting today (October 6, 2023) decided to Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%.

The standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

CPI inflation is maintained at 5.4% for 2023-24, with Q2 at 6.4%, Q3 at 5.6% and Q4 at 5.2%, with risks evenly balanced. CPI inflation for Q1:2024-25 is maintained at 5.2%. Inflation is expected to improve in the near term due to a correction in vegetable prices and the recent reduction in LPG prices. The future trajectory will depend on factors such as lower pulses area, falling reservoir levels, El Ni?o conditions, and volatile global energy and food prices.

Real GDP growth for 2023-24 is maintained at 6.5%, with Q2 at 6.5%, Q3 at 6.0%, and Q4 at 5.7%, with risks evenly balanced. Real GDP growth for Q1:2024-25 is maintained at 6.6%. Domestic demand is expected to be the key driver of growth in the near term, but global headwinds need to be monitored closely.

The next meeting of the MPC is scheduled during 6-8 December 2023.

New Listing:

Shares of Valiant Laboratories hit an upper circuit of 5% to Rs 169.05 at 15:37 IST on the BSE, representing a premium of 20.75% as compared with the issue price of Rs 140.

The scrip was listed at Rs 161, exhibiting a premium of 15% to the issue price.

So far, the stock has hit a low of 161. On the BSE, over 1.94 lakh shares of the company were traded in the counter so far.

Stocks in Spotlight:

Tata Motors added 0.56%. JLR reported increased sales volumes for the second quarter of FY24 (three-month period to 30 September 2023). Wholesale volumes in the period were 96,817 units (excluding the Chery Jaguar Land Rover China JV), up 29% compared to the same quarter a year ago, and up 4% compared to the quarter ended 30 June 2023, notwithstanding the annual two-week summer plant shutdown. Retail sales for the second quarter were 106,561 units (including the Chery Jaguar Land Rover China JV), up 21% compared to the same quarter a year ago.

Meanwhile, Tata Motors Group global wholesales in Q2 FY24, including Jaguar Land Rover were at t 3,42,376 units, higher by 7%, as compared to Q2 FY23.

Bajaj Finance jumped 3.83% after the NBFC said that its board has approved raising upto Rs 10,000 crore through a combination of preferential issue (PI) and qualified institutional placement (QIP). The board approved raising upto Rs 8,800 crore via QIP, along with an approval to raise upto Rs 1,200 crore via preferential issue of warrants.

Angel One fell 0.41%. The stockbroker's its client base jumped 47.6% to 17.07 million in September 2023 as against 11.57 million in September 2022. On sequential basis, the company's client base rose by 4.4% month on month (MoM) from 16.36 million in August 2023.

Adani Wilmar shed 0.49%. The edible oil major on Thursday announced that it has reported 11% year on year volume growth in Q2 FY24, on the back of large opportunity in packaged staple foods and strong execution. The edible oil segment volumes grew by around 5% YoY in Q2 FY24, with the branded business volumes growing at a faster rate of 12% YoY.

The Food & FMCG business continued to grow rapidly, with segment revenue growth of around 25% YoY, with an underlying volume growth of 18%, for the quarter on a standalone basis. This is despite the decline in exports revenue due to restrictions on rice exports.

Kalyan Jewellers India surged 9.62% after the company's revenue growth was approximately 32% from India operations during Q2 FY24 as compared to Q2 FY23.

Sun Pharmaceutical Industries rose 0.77%. The company announced that the US drug regulator has accepted the new drug application (NDA) for Deuruxolitinib, an investigational oral selective inhibitor of Janus kinases JAK1 and JAK2.

Godrej Consumer fell 0.36%. The FMCG company said that it has recorded mid-single digit volume growth in orgainic sales for the September quarter, despite facing challenges in a tough macroeconomic environment.

Force Motors gained 2.81% after the car manufacturer reported September output at 3,483 units with domestic sales of 2,580 units.

Vodafone Idea declined 2.41% after the firm said that the Department of Telecommunication (DoT) has disposed-off the company's representation with respect to license fee demand aggregating to Rs 3,273 crore.

Global Markets:

European shares advanced and most of the Asian stocks traded higher following much weaker-than-expected jobs data. China's markets remain closed for the weeklong holiday.

US stocks ended lower Thursday as investors looked toward key jobs data on Friday that could determine the next move for interest rates. Weekly initial jobless claims came in at 207,000 for the week ending September 30, up just 2,000 from the prior week's numbers.

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