Rate-sensitive banking, auto and realty stocks: ICICI Bank, Maruti Suzuki and DLF rose 2 per cent each
The rate-sensitive banking, auto and realty stocks are trading firm after the Reserve Bank of India left key lending rates unchanged as expected and raised its GDP forecast. The Nifty Bank index – which gauges stocks of 12 major lenders in the country, including SBI and HDFC Bank – jumped as much as 1.81 per cent in the aftermath of RBI policy announcements. At 11:30 am, the Nifty banking index had strengthened by 0.8 per cent at 29,703.65, the Nifty auto index had gained 0.58 per cent to 9,299.20 and Nifty Realty index had added 0.03 per cent to 283.10.
The Reserve Bank of India’s Monetary Policy Committee maintained the key lending rate unchanged at 4 per cent today and revised its projection for real GDP growth at -7.5 per cent for financial year 2020-21.
In the banking space, ICICI Bank, RBL Bank, HDFC Bank and Axis Bank gained between 0.8 per cent and 1.9 per cent each. In the auto space, Maruti Suzuki, Hero Motocorp and M&M gained up to 2 per cent each. And in the realty space, Godrej Properties, Sobha Developers and DLF added 2-4.9 per cent each.
The benchmark indices soared to record levels; the BSE Sensex traded 306.42 points – or 0.68 per cent – higher at 44,936.89 and the Nifty was up 84 points – or 0.64 per cent – at 13,217.70.
