The Week That Was - 9 Oct: RBI Rate Hike in Focus; Indian Markets Snap Losing Streak

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In this week's episode of The Week That Was, we break down key global and domestic market developments:

Global Markets: Oil rose about 2.4% to around $105/bbl as Iran stepped up attacks on tankers around the Strait of Hormuz, while euro area inflation climbed to 3.8%, its fastest pace since September 2023. The Houthi attack on Saudi Arabia over the weekend added fresh uncertainty.
India Macro & Economic Data: The RBI raised the repo rate by 25bps to 5.50%, its first hike since February 2023, shifted to a calibrated tightening stance and announced new measures to support the rupee. September CPI inflation rose to 5.54% from 4.83%, with food inflation at 7.74%.
Domestic Equities & Sectors: The Nifty and Sensex snapped an eight-week losing streak, rising 0.4% and 0.8%. Telecom and FMCG led the gains, while Metals and Realty were the biggest laggards as higher rates weighed on sentiment.

Speaker:

Michelle Castellino

Investment Strategist

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