Interest rate-sensitive stocks gained on Friday after the Reserve Bank of India decided to leave benchmark interest rate unchanged but maintained an accommodative stance. “It was on the expected line with the RBI keeping rates unchanged and continuing with the accommodative stance. The extension of accommodative stance has cheered the market,” Deepthi Mathew, Economist at Geojit Financial Services.
Shares of RBL Bank was quoting with 2.39 per cent gains while ICICI Bank rose by 2.05 per cent and Axis Bank by 1.23 per cent. HDFC Bank, Bandhan Bank and Kotak Mahindra Bank were up nearly one per cent. The scrip of SBI was marginally up by 0.35 per cent on the BSE. The BSE Bank index gained 1.06 per cent.
From the auto pack, Hero MotoCorp rose by 1.24 per cent while Bajaj Auto was quoting with 0.64 per cent gains. M&M, Tata Motors, Maruti Suzuki India and Ashok Leyland were also trading in the positive territory. The BSE auto index rose 0.53 per cent.
Realty counters also witnessed buying, with Godrej Properties rising 2.54 per cent and DLF jumping 2.07 per cent. Sunteck Realty gained 2.06 per cent, Sobha Ltd climbed 1.84 per cent and Prestige Estates Projects registered marginal gains. The BSE realty index jumped 0.85 per cent. The 30-share BSE benchamrk index was also trading in the green, rising over 400 points to cross the 45,000-mark.
Concerned over elevated inflation, the RBI has decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying more rate cuts in the future if need arises to support the economy hit by the COVID-19 pandemic. The benchmark repurchase (repo) rate has been left unchanged at 4 per cent.
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