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RBI policy status quo: Rate-sensitive stocks go higher

Public sector banks outperformed other major indices on bourses.

ETMarkets.com|
Updated: Apr 05, 2018, 07.02 PM IST
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Sensex zooms 578 pts, Nifty ends at 10,325 as RBI lowers inflation target
Sensex zooms 578 pts, Nifty ends at 10,325 as RBI lowers inflation target
Rate-sensitive stocks jumped in the afternoon trade on Thursday after the Reserve Bank of India (RBI) left rates on hold in the first bi-monthly monetary policy of FY19.

Nifty Bank was trading 1.83 per cent up at 24,570 at around 2.35 pm (IST) and Nifty Auto rose 2.03 per cent at 11,425. The realty index climbed over 2.50 per cent to 301.90.

Public sector banks outperformed other major indices on bourses. Nifty PSU Bank index went up 3.07 per cent to 2,939.

All the components of Nifty Bank were in the green after the announcement. Bank of Baroda, ICICI Bank and State Bank of India all advanced over 3 per cent each. IDFC Bank and Kotak Mahindra Bank added by 2 per cent each.

In the realty space, Indiabulls Real Estate, DLF and Sobha advanced 4.79 per cent, 3.37 per cent and 3 per cent, respectively. Overall, market sentiment remained bullish.

The 50-share NSE Nifty ruled higher by 162 points, or 1.60 per cent, at 10,290 in the afternoon trade.

Tata Motors DVR, Tata Motors, Apollo Tyres, Hero MotoCorp and MRF were up between 3-4 per cent. Five of six members voted in favour of the decision.

Reverse repo was kept unchanged at 5.75 per cent. No changes were made to cash reserve ratio (CRR) and statutory liquidity ratio (SLR), which stand at 4 per cent and 19.5 per cent, respectively.

Chetan Ghate, Pami Dua, Ravindra H Dholakia, Viral V Acharya and Urjit Patel voted in favour of the monetary policy decision. However, Michael Debabrata Patra voted for an increase in the policy rate of 25 basis points, the RBI said in a release.

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