On Wednesday, October 7, the 30‑share BSE SENSEX fell 429.11 points or 0.59% to close at 72,638.70, while the 50‑share NIFTY dropped 173.05 points or 0.76% to end at 22,603.05. The indices hit intraday lows of 72,468.72 for the SENSEX and 22,546.30 for the NIFTY, reflecting a 0.82% and 1% swing respectively. The decline followed the Reserve Bank of India’s Monetary Policy Committee decision to raise the policy rate by 25 basis points to 5.50%, the first increase since February 2023.

The six‑member MPC, chaired by RBI Governor Sanjay Malhotra, shifted its stance from “neutral” to “calibrated tightening” and signalled that a rate cut is unlikely in the near term given current conditions. A weakening rupee, a surge in global crude oil prices and continued foreign investment outflows weighed on investor sentiment. On Tuesday, foreign institutional investors sold shares worth ₹2,961.30 crore, while domestic institutional investors purchased equities worth ₹5,088.92 crore on a net basis.

Titan Company led the list of top losers, closing 3.80% lower after its Q2 FY27 business update revealed domestic jewellery growth of around 21% year‑on‑year, below analysts’ expectations. Adani Enterprises Ltd fell 3.75%, Hindalco Industries 3.15%, Bharat Electronics Ltd 2.35% and JSW Steel 2.35%. Kotak Mahindra Bank gained 1.88%, BSE 1.54%, Bharti Airtel 1.29%, ICICI Bank 1.09% and Coal India 0.69% were among the top gainers.

Bharti Airtel’s share rise followed the announcement of a hike in monthly rentals across its postpaid portfolio, with a new plan priced at ₹499 per month (up from ₹449) and a two‑connection family plan at ₹749 (up from ₹699). The company also offered one free international roaming trip per year as part of the revamped plans, effective from Thursday, October 8. The move was aimed at boosting customer value and retention.

In the midcap segment, the NIFTY Midcap 100 ended 0.63% lower at 59,382.60, with National Aluminium Company down 4.73%, IndusInd Bank 3.44%, Tube Investments of India 3.43%, AU Small Finance Bank 3.37% and Ashok Leyland 2.93%. Bank of Maharashtra led gains at 4.15%, followed by Kalyan Jewellers India 3.80%, LIC Housing Finance 2.67%, KEI Industries 2.64% and Jubilant Foodworks 2.41%. The smallcap index closed at 19,506.95, up 58.25 points or 0.30%, led by Chennai Petroleum Corporation 14.18%, Cupid 6.25%, Physicswallah 5.87%, Gland Pharma 5.09% and Aegis Logistics 4.86%.