Nifty climbs past 22,700 as VIX falls and oil dips, market eyes RBI decision

Market Moves

The NSE Nifty 50 closed at 22,776.10 on expiry day, extending its rebound as the India VIX dropped 7.9% and Brent crude fell below $100 a barrel. Gift Nifty traded near 22,760.5, about 35 points lower than the previous Nifty futures close, pointing to a negative opening for the market. The BSE Sensex added 685.34 points, or 0.95%, to finish at 73,067.81, after opening at 72,508.05 and swinging between a low of 72,384.83 and the same high. Banking stocks and Reliance Industries led buying, helped by lower oil prices. The rupee weakened, slipping another 27 paise to 96.56 per dollar. Investors now focus on the Reserve Bank of India's policy decision scheduled for tomorrow, which looms as the main market overhang.

Expert Views

Hariselvan Radhakrishnan, founder and CEO of HST Wealth, said Indian equities may open flat with Gift Nifty near 22,780 and that high US stock futures and Treasury yields could keep risk appetite in check. Pabitro Mukherjee of Bajaj Broking noted the sharp VIX decline and oil price dip as key supports for the rebound. Technical analysts see the Sensex holding above the 73,000 level as a sign of a stronger recovery, with 73,400‑73,500 as the next hurdle; a break below 72,500 could halt the rally. On the Nifty, crossing the 22,600 resistance and closing near 22,800 signals renewed buying momentum.

Context

The RBI’s next policy meeting often moves markets because changes in interest rates affect borrowing costs for companies. A weaker rupee makes imports costlier, adding pressure on inflation and corporate earnings.