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Interest-rate sensitive bank, auto stocks jump after RBI policy

Interest-rate sensitive bank, auto stocks jump after RBI policy

Published:07 April 2021

City Union Bank jumped 6.63 per cent, Bandhan Bank rose by 3.60 per cent, Federal Bank 2.80 per cent, State Bank of India 2.25 per cent, ICICI Bank 2.05 per cent, Indusind Bank 2.02 per cent, RBL Bank 2 per cent, Axis Bank 1.52 per cent, Kotak Mahindra Bank 1.31 per cent and HDFC Bank 0.44 per cent on the BSE.

New Delhi | Interest-rate sensitive bank, auto and realty stocks were in the limelight on Wednesday after the RBI expectedly left interest rates unchanged and maintained its accommodative stance to boost growth amid a resurgence in coronavirus cases.
From the banking pack, City Union Bank jumped 6.63 per cent, Bandhan Bank rose by 3.60 per cent, Federal Bank 2.80 per cent, State Bank of India 2.25 per cent, ICICI Bank 2.05 per cent, Indusind Bank 2.02 per cent, RBL Bank 2 per cent, Axis Bank 1.52 per cent, Kotak Mahindra Bank 1.31 per cent and HDFC Bank 0.44 per cent on the BSE.
The BSE bank index rose by 1.57 per cent to close at 37,302.34.
Among auto companies, Ashok Leyland gained 3.78 per cent, Motherson Sumi Systems jumped 3.63 per cent, Bosch 3.19 per cent, Mahindra & Mahindra 1.95 per cent, Hero MotoCorp 1.84 per cent, Bajaj Auto 1.83 per cent, Maruti Suzuki India 1.67 per cent, TVS Motor Company 0.31 per cent and Tata Motors 0.05 per cent.
The BSE auto index closed with a gain of 1.69 per cent.
The Reserve Bank of India (RBI) on Wednesday kept key interest rates unchanged at record lows while pledging to buy Rs 1 lakh crore of government bonds this quarter to cap borrowing costs in a bid to support an economy facing a resurgence of the pandemic.
In the first monetary policy of 2021-22 fiscal, the central bank stuck to its accommodative stance amid concerns of rising infections that could derail the nascent economic recovery.
"The Reserve Bank of India (RBI) delivered a dovish policy. As expected there was a status quo on the policy rates, and the stance was maintained as accommodative with special mention to retain the same to mitigate COVID impact," Sujata Guhathakurta, President & Business Head, Debt Capital Markets-Sales, Kotak Mahindra Bank.
Realty counters also witnessed buying, with Indiabulls Real Estate gaining 3.81 per cent, The Phoenix Mills 2.21 per cent, DLF 1.47 per cent, Oberoi Realty 1.36 per cent and Prestige Estates Projects  1.24 per cent.
The BSE realty index closed 1.07 per cent higher.
The 30-share BSE benchmark jumped 460.37 points or 0.94 per cent to close at 49,661.76.


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