Indian Stock Market Edges Higher Amid Lower Crude Oil Prices

Stock markets in India edged higher on Thursday, August 6, as crude oil prices fell and investors bought into Reliance Industries. The benchmark Sensex index rose by 201.43 points to 78,782.43, while the Nifty index gained 16.35 points to 24,641.

The Reserve Bank of India maintained a neutral stance on its policy rate for the fourth consecutive meeting, keeping the repo rate at 5.25%. The central bank also raised its GDP forecast for the current fiscal to 6.7% and lowered its inflation projection to 5%.

HariSelvan Radhakrishnan, Founder & CEO of HST Wealth, said that the Reserve Bank's decision reinforces confidence in the domestic economy. He noted that the macroeconomic narrative has become incrementally more favorable over recent weeks.