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Share market update: Bank, auto stocks slip after RBI cuts repo rate by 40 bps

The reverse repo rate has been reduced by a similar basis points to 3.35 per cent from 3.75 per cent earlier.

ETMarkets.com|
Last Updated: May 22, 2020, 10.29 AM IST
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RBI
Benchmark NSE Nifty50 index was down 35.65 points at 9070.6, while the BSE Sensex was down 99.53 points at 30833.37.
NEW DELHI: Rate sensitive auto and bank stocks were trading lower in Friday's session after the RBI Governor Shaktikanta Das announced a 40 basis points surprise repo rate cut while maintaining an accommodative stance. The repo rate now stands at 4 per cent from 4.4 per cent earlier.

The reverse repo rate has been reduced by a similar basis points to 3.35 per cent from 3.75 per cent earlier. Five of six MPC members voted in favour of the rate cut, Das said. The RBI Governor said MPC members met for three days in the off cycle meeting of MPC members .

The Nifty Auto index was trading 0.71 per cent down at 5709.3 while the Nifty Bank index was trading 0.79 per cent lower at 17595.3 around 10:14AM. Meanwhile, the Nifty Realty index was trading flat at 165.45 around the same time.

Shares of Ashok Leyland (down 2.06 per cent) , Motherson Sumi Systems (down 1.47 per cent) , Bajaj Auto (down 1.27 per cent), Mahindra & Mahindra (down 1.09 per cent) , Bharat Forge (down 1.03 per cent) , Tata Motors (down 1.01 per cent) , Eicher Motors (down 0.91 per cent) , Maruti Suzuki (down 0.87 per cent) , TVS Motor Company (down 0.28 per cent) , Apollo Tyres (down 0.05 per cent) and Hero MotoCorp (down 0.05 per cent) were the top losers in the auto pack.

While shares of Bandhan Bank (down 3.68 per cent) , Federal Bank (down 2.16 per cent) , Axis Bank (down 1.58 per cent) , ICICI Bank (down 1.1 per cent) , IndusInd Bank (down 0.89 per cent) , HDFC Bank (down 0.88 per cent) , Kotak Mahindra Bank (down 0.65 per cent) and RBLBANK (down 0.31 per cent) were trading in the red among the banking stocks.

Realty shares were trading mixed with shares of Indiabulls Real Estate (up 4.19 per cent) , Oberoi Realty (up 1.03 per cent) , Sunteck Realty (up 0.46 per cent) , Godrej Properties (up 0.35 per cent) , Mahindra Lifespace Developers (up 0.17 per cent) and Prestige Estates Projects (up 0.11 per cent) among the top gainers.

While Sobha (down 2.0 per cent) , Phoenix Mills (down 0.97 per cent) , Brigade Enterprises (down 0.82 per cent) and DLF (down 0.54 per cent) were the top losers in the index.

Benchmark NSE Nifty50 index was down 35.65 points at 9070.6, while the BSE Sensex was down 99.53 points at 30833.37.

Among the 50 stocks in the Nifty index, 9 were trading in the green, while 41 were in the red.

Shares of Vodafone Idea, SBI, Bank of Baroda, ITC, IDFC First Bank Ltd., ICICI Bank, BHEL, Zee Ent., Tata Motors and IndusInd Bank were among the most traded shares on the NSE.

(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

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