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Rate-sensitive stocks end mixed post RBI policy

twitter-logo PTI        Last Updated: February 7, 2019  | 19:23 IST

New Delhi, Feb 7 (PTI) Rate-sensitive auto, bank and realty stocks swung between gains and losses Thursday after the RBI's rate-cut announcement. Among the BSE auto pack, Ashok Leyland surged 6.18 per cent, Apollo Tyres 4.27 per cent, Eicher Motors 3.35 per cent, Motherson Sumi Systems 3.09 per cent, Bajaj Auto 3.03 per cent, TVS Motor Company 2.83 per cent and Tata Motors 2.64 per cent. Also, shares of Bharat Forge gained 2.47 per cent, Hero MotoCorp 2.01 per cent, Maruti Suzuki India 1.30 per cent and Mahindra & Mahindra 1.01 per cent. The auto index ended 1.77 per cent higher at 19,603.69. From bank index, Indusind Bank fell by 0.82 per cent, HDFC Bank 0.28 per cent, SBI 0.21 per cent, Bank of Baroda 0.18 per cent and ICICI Bank 0.04 per cent. On the other hand, shares of City Union Bank gained 1.99 per cent, Federal Bank 0.82 per cent, AXIS Bank 0.75 per cent, Kotak Mahindra Bank 0.34 per cent and Yes Bank 0.26 per cent. The bank index settled at 30,718.18, up 0.04 per cent. The BSE realty shares also depicted a mixed trend, with Sunteck Realty rising 1.17 per cent, Mahindra Lifespace Developers 0.95 per cent, Phoenix Mills Ltd 0.63 per cent, Godrej Properties Ltd 0.57 per cent, Prestige Estates Projects Ltd 0.13 per cent and Oberoi Realty Ltd 0.01 per cent. In contrast, Indiabulls Real Estate Ltd fell by 3.66 per cent, Sobha Limited 0.81 per cent and Omaxe Ltd 0.14 per cent. The BSE realty index slipped 0.02 per cent to close at 1,749.88. "This rate cut means a lot for the market as it is announced post budget. Though it primarily aims to keep inflation in a tab and boost growth, this is a much-needed breather for market and specifically interest rate sensitive sectors like housing, automobile," said Mustafa Nadeem, CEO, Epic Research. In the first interest rate cut in 18 months, the RBI Thursday shed its hawkish stance to reduce policy rates in the maiden policy meeting under new Governor Shaktikanta Das, a move that may make home and other loans cheaper. The Reserve Bank of India's monetary policy committee (MPC) cut the repo rate by 25 basis points to 6.25 per cent as inflation continues to remain benign. Benchmark equity indices gave up gains to end almost flat on Thursday. PTI SUM BAL

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