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Business News » India News

Rate sensitive stocks end with up to 4% gains post RBI policy

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Updated: Wed, Oct 04, 2017
06:59 pm
PTI
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Interest rate sensitive stocks of

banking, realty and auto sectors gained up to 4.2 per cent

today after the Reserve Bank decided to hold rates as the move

was in line with market expectations.

RBI reduced the Statutory Liquidity Ratio (SLR), the

portion of deposits held by banks in government securities, by

0.5 per cent to 19.5 per cent, freeing over Rs 57,000 crore to

bank funds for lending.

As a result, shares of Kotak Mahindra Bank rose by 2.16

per cent, Yes Bank - 1.55 pc, SBI - 0.82 pc, Federal Bank -

0.80 pc, PNB - 0.39 pc and Bank of Baroda - 0.22 pc.

The BSE bank index settled at 27,126.98, up 0.17 per

cent.

In its fourth bi-monthly monetary policy review, the

Reserve Bank kept interest rate unchanged as was widely

expected in view of upward trend in inflation.

Among realty stocks, Godrej Properties rose by 4.22 per

cent, Phoenix Mills - 1.95 pc, Prestige Estates Projects -

1.61 pc and Oberoi Realty 0.96 pc on BSE.

The BSE realty index rose by 0.56 per cent to end at

2,085.65.

"Domestic indices edged higher buoyed by PSUs after RBI

decided to maintain status quo on repo despite a cut in the

growth forecast," said Anand James, Chief Market Strategist,

Geojit Financial Services Ltd.

From the auto pack, M&M jumped 1.89 per cent, Tata Motors

(1.68 pc), Bajaj Auto (0.48 pc) and Ashok Leyland (0.25 pc).

The BSE auto index went up by 0.30 per cent to close at

24,451.68.

The 30-share index surged 174.33 points to end at

31,671.71.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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