Stock Market: Sensex, Nifty gain lost ground on RBI Monetary Policy's Repo Rate cut decision
The RBI decision to cut Repo Rate by 25 bps will have a positive impact on the Indian indices as it was in a cautious mood since yesterday post-noon session
After the Shaktikanta Das led RBI Monetary Policy Review meeting that decided to cut down the Repo Rate by 0.25 per cent, the Indian indices gained the ground it had lost in early morning trade session. The BSE Sensex which was down near 100 per cent witnessed huge buying that led to its rise by near 50 points at one point of time and making a high of 38,939. The 50-stock Nifty rose 10 points to 11,653 after making a low of 11,597 in early morning trade.
Speaking on the RBI impact on the Indian markets Anindya Banerjee, Analyst at Kotak Securities told Zee Business online, "The RBI decision to cut Repo Rate by 25 bps will have a positive impact on the Indian indices as it was in a cautious mood since yesterday post-noon session." he said that it will have a positive impact on banking, finance, realty, infra and auto stocks.
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Expecting solution to the lending crisis of developers and lower EMI for the home buyers, the realty stock led the bull run on Dalal Street. Realty major Godrej Properties went up near 2.4 per cent, shares of Prestige Estates Projects rose nera 2.66 per cent, Mahindra Lifespace Developers scrip went up around 1.1 per cent while DLF stocks went up 0.75 per cent.
Auto stocks too witnessed a sharp rise post-RBI Monetary policy meeting. Auto major Hero MotoCorp went up near 2 per cent, shares of Cummins India shot up around 1.5 per cent, Tata Motors scrip rose near 1.15 per cent while shares of TVS Motor Company, Maruti Suzuki India, Exide Industries and Bajaj Auto was up by 0.75 per cent to 1 per cent.
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