Tejpal has spent exactly a month and a half cumulatively in both police as well as judicial custody.
His bail plea was heard Wednesday after arguments from both the defence and prosecution over the last few weeks.
Tejpal has been accused of sexually assaulting a junior colleague during ThinkFest, a high-profile conference organised by Tehelka in a five-star Goa resort in November 2013.
The journalist is at present lodged as prisoner number 624 at the Sada sub-jail in the port town of Vasco, 35 km from here.
Tejpal, whose Tehelka weekly newspaper is known for path-breaking investigative stories, was booked on Nov 22 and arrested Nov 30, after the junior colleague accused him of sexual assault in an elevator of the resort earlier that month.