Rate-sensitive stocks edge higher after the RBI keeps repo rate unchanged at 6.5%
RBI Monetary Policy 2023: Last seen, all the sectoral indices were trading in the green except Pharma. Nifty Consumer Durables was up 0.38 per cent, Nifty Bank was up 0.55 per cent, Nifty Financial Services was up 0.52 per cent and Nifty Realty was up 1.13 per cent.
RBI Monetary Policy 2023: Rate-sensitive stocks—banking, financial services, realty, auto, and other consumer durable stocks—traded in green after of the Reserve Bank of India (RBI) kept the rates unchanged at 6.5 per cent in line with analysts' expectations on Friday, December 8.
Last seen, all the sectoral indices were trading in the green except Pharma. Nifty Consumer Durables was up 0.38 per cent, Nifty Bank was up 0.55 per cent, Nifty Financial Services was up 0.52 per cent and Nifty Realty was up 1.13 per cent.
Rate-sensitive stocks are those stocks that are influenced by changes in interest rates.
In the Nifty Bank basket, nine stocks advanced and three declined. Except for AU Small Finance Bank, State Bank of India (SBI), and Bandhan Bank, all the banking names were trading higher between 0.34 per cent to 1.56 per cent. Among Nifty Financial Services stocks, 11 advanced and nine declined; in Nifty Consumer Durables, 11 stocks advanced and four declined; and in Nifty Realty, nine stocks advanced and one declined.
The RBI policy statement is the first since the release of official macroeconomic data last month that showed the country's GDP expanded a much faster-than-expected 7.6 per cent in the July–September period, aided by government spending and manufacturing, and raised hopes that Asia's third-largest economy will outperform its estimates for the financial year ending March 2024.
Also Read: RBI Monetary Policy Live Updates: Shaktikanta Das announces status quo on benchmark interest rates
Meanwhile, the latest MPC review also comes at a time when investors across the globe are hoping for an earlier-than-expected cut in benchmark interest rates as central banks have stopped tightening the supply of money after battling sky-high consumer prices for months.
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10:21 AM IST