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Raise in ‘Rate-Sensitive’ Stocks Post RBI Policy Review

Shares of rate-sensitive companies rose marginally after the Reserve Bank of India (RBI) kept the benchmark repo rate unchanged and lowered its inflation target at its second bi-monthly monetary policy review for FY 18 on Wednesday.

Sensex rose by 80.72 points and closed the session at 31,271.28, a gain of 0.26%. The BSE Bankex rose by 0.73% and hit a record high at 26,721.93. Barring one, all the constituents of the BSE Bankex posted gains.

Among the public sector bank stocks, Punjab National Bank rose the most by 1.77%, followed by Bank of Baroda whose stock rose by 1.40%. Shares of private banks like ICICI Bank, IndusInd Bank, and Axis Bank rose anywhere between 0.5% to 2%, with Federal Bank registering the biggest gain. The BSE Realty index ended the session at 1954.11. Indiabulls Real Estate led the pack of real estate stocks with 4.11% gain.

However, the largest real estate firm by market value — DLF — fell by 0.43% and ended the session at Rs 174.60 on BSE.

The auto index also rose by 0.70% and closed at 24,251.06. Nine out of the 13 constituents of the Auto Index ended the session higher. Bharat Forge was the biggest gainer, the stock rose by 3.78% and ended the session at `1210.30.

In a note to investors after the monetary policy, Nomura said it currently expects the RBI to leave rates unchanged through March 2018, which would then be followed by a cumulative 50bp of rate hikes starting April 2018.

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