RBI Guv Reaffirms Price Stability Is Key Objective While Supporting Growth

Reserve Bank of India (RBI) Governor Sanjay Malhotra has reaffirmed the central bank's primary objective is maintaining price stability with inflation targeting while supporting long-term economic growth.

Speaking at the NDTV World Summit 2026, Malhotra said India's strong macroeconomic fundamentals continue to support economic activity, with high-frequency indicators pointing to resilient growth across sectors.

“Inflation targeting remains a priority, along with growth,” Malhotra said, reiterating the RBI's commitment to maintaining price stability while supporting the economy.

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He pointed to indicators such as cement and steel sales, credit growth, tax collections and automobile sales as evidence that economic momentum remains intact. According to the RBI governor, growth is broad-based, with activity holding up across several segments of the economy.

Malhotra also said inflation remains within the RBI's tolerance band, although supply-side pressures, particularly from food and fuel, continue to pose challenges to the inflation outlook.

The governor referred to an average inflation projection of 5.1% for the current year, attributing the outlook to supply-side factors. The figure should be verified against the original interview before publication. 

On the rupee, Malhotra said the central bank is not targeting any particular exchange-rate level. Instead, its focus is on ensuring orderly conditions in the foreign exchange market, signalling that the RBI's approach is aimed at managing volatility rather than defending a specific currency value.

The governor acknowledged that while domestic demand dynamics remain central to India's monetary policy decisions, persistent external factors will also influence the economic outlook.

The comments come amid an evolving global economic environment, where geopolitical developments, commodity prices and external financial conditions can affect both inflation and growth in India.

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Malhotra reiterated that the RBI remains steadfast in its commitment to achieving price stability, underlining its importance for the economy over the long term.

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Trade Setup For Oct 23: Nifty Finds Support At 22,600 As US Markets Trade Lower

The NSE Nifty 50 is expected to open mixed to red on Friday, Oct. 23, amid weakness in U.S. markets and a sharp rise in crude oil prices to a five-month high, while technical indicators suggest the benchmark index has key support near the 22,600 zone.

Indian equity benchmarks Sensex and Nifty 50 ended over half a percent lower on Thursday, weighed down by broad-based selling, as persistently elevated crude oil prices and geopolitical tensions continued to dampen investor sentiment.

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The BSE Sensex declined 460.30 points, or 0.62%, to close at 73,249.39, while the NSE Nifty 50 fell 123.70 points, or 0.54%, to end at 22,687.65. The Bank Nifty index settled at 54,925.70, down 51.20 points, or 0.09%.

Nifty ended the session by forming a doji candle with shadows on both sides, indicating indecision among market participants. The index also slipped below its 20-day simple moving average, positioned near the middle Bollinger Band at 22,760.

According to Om Mehra, Technical Research Analyst at SAMCO Securities, immediate support for Nifty is placed at 22,600, followed by 22,480. On the upside, 22,850 remains the immediate resistance level, followed by the psychological mark of 23,000.

"A move above today's high of 22,785 could signal a short-term trend reversal and open the door for a meaningful recovery, with 23,175 as the next resistance," said Nandish Shah, Deputy Vice President at HDFC Securities.

Shah identified 22,500 as the immediate support level for the benchmark index.

GIFT Nifty Futures were up 0.62% to 22,856.

Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said the 22,580-22,550 zone is likely to act as a crucial support area for Nifty.

"A decisive break below 22,550 could intensify selling pressure and drag the index towards the 22,400 mark in the near term," Shah said.

On the upside, the 22,820-22,850 zone is expected to act as an immediate hurdle. Any sustainable move above 22,850 would indicate strengthening momentum and could trigger a pullback rally towards the 23,000 level, he added.

Bank Nifty

Bank Nifty ended the session at 54,925.70, down 0.09%, after forming an indecisive candle with shadows on both sides following a gap-down opening. Although the index recovered from its intraday low of 54,459, it continues to trade below the middle Bollinger Band positioned near 55,150.

According to Om Mehra, immediate support for Bank Nifty is placed at 54,700, followed by 54,500. On the upside, 55,150 remains the immediate resistance level, followed by 55,500.

Sudeep Shah said the 54,400-54,300 zone is likely to act as an important support area for the banking index.

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"A sustained breach below this zone may invite further selling pressure," Shah said.

On the upside, the 20-day exponential moving average zone of 55,300-55,400 is expected to act as a crucial hurdle for Bank Nifty, he added.

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Marco Jansen Creates History Against Australia With 85, Breaks 60-Year-Old Record

South Africa all-rounder Marco Jansen produced a crucial innings against Australia on Day 3 of the second Test in Gqeberha, helping the hosts recover from a difficult position and setting a new record in the process.

Coming in to bat at No. 8 with South Africa struggling at 110/6, Jansen joined captain Temba Bavuma to turn the innings around with a crucial partnership.

Jansen scored 85 off 100 balls before being caught by Travis Head off Scott Boland's bowling. Although he fell 15 runs short of a century, his knock proved vital in South Africa's fightback against Australia.

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The left-handed batter added 132 runs with Bavuma for the seventh wicket, helping South Africa recover after losing six wickets for 110 runs. The partnership also broke the previous record for a seventh-wicket stand at St George's Park, which had stood since 1896.

Marco Jansen Breaks South Africa's Record Against Australia

Jansen's 85 became the highest score by a South African batter at No. 8 in a home Test against Australia, surpassing Peter van der Merwe's previous record of 76, scored in Johannesburg in 1966.

Jansen also moved to second place on the list of South Africa's highest individual scores by a No. 8 batter in a Test innings against Australia. Brian McMillan holds the record with an unbeaten 87 at the Adelaide Oval in 1998, leaving Jansen just three runs short of the mark.

Despite missing out on a century, Jansen's contribution helped South Africa recover from a precarious position and put pressure back on the Australian bowling attack.

Temba Bavuma Breaks Rohit Sharma's Record

Bavuma also achieved a significant milestone during his innings. At 36 years and 154 days at the start of the match, he became the oldest captain to score a century in a World Test Championship (WTC) match against Australia.

He surpassed former India captain Rohit Sharma's record, set when Rohit scored a century against Australia in Nagpur in 2023 at the age of 35 years and 285 days.

Bavuma's century added to an impressive performance from the South African captain, who led the fightback alongside Jansen after the hosts lost early wickets.

Rohit, however, remains the oldest captain to score a century in a WTC match overall, having made 103 against England in Dharamsala in 2024 at the age of 36 years and 312 days.

South Africa Fight Back After Early Collapse

South Africa had ended the previous day's play at 97/5 and slipped further to 110/6 on the third morning. Bavuma and Jansen then steadied the innings, combining aggression with patience to rebuild the team's position.

By lunch, South Africa had reached 216/6, with Bavuma on 76 and Jansen on 72. Their partnership continued to grow, eventually reaching 132 runs before Jansen's dismissal.

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Bavuma went on to score 179, his career-best Test score, while Simon Harmer contributed 82 as South Africa declared at 425/9.

Australia ended the day at 3/1 in their second innings, with South Africa having mounted a strong response after their heavy defeat in the first Test.

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