MPC’s decision to keep policy rates unchanged, though expected, has a surprise element since 2 members out of 6 were in favour of rate cut. Mr. Jayant Varma was in favour of a rate cut in the last meeting also. This means the number of members in favour of a rate cut is increasing. So a rate cut is likely in the next meeting.Another positive from the Governor’s speech is the upward revision in FY25 GDP growth rate to 7.2% from 7% earlier. This augurs well for corporate earnings and, therefore, for the stock market.