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Last Updated : Aug 06, 2020 12:22 PM IST | Source: Moneycontrol.com

Banks, auto stocks trade flat after RBI MPC keeps interest rates unchanged; realty stocks gain

MPC expects inflation to stay elevated in Q2FY21 but is of the view that is it likely to ease in H2 aided by favourable base effects, said RBI Governor Shaktikanta Das.

A man reacts as he looks at a screen displaying the Sensex results outside the Bombay Stock Exchange building, Mumbai, March 12. REUTERS
A man reacts as he looks at a screen displaying the Sensex results outside the Bombay Stock Exchange building, Mumbai, March 12. REUTERS

The Indian stock market continues to trade in the green after the RBI MPC kept repo rate unchanged at 4 percent. Sensex is up 237.37 points or 0.63 percent at 37900.70, and the Nifty jumped 70.30 points or 0.63 percent at 11172.

MPC expects inflation to stay elevated in Q2FY21 but is of the view that is it likely to ease in H2 aided by favourable base effects, said RBI Governor Shaktikanta Das.

In May, the MPC cut the repo rate by 40 bps to 4 percent, maintaining its accommodative policy stance. So far in 2020, the MPC has already slashed the repo rate by 115 bps amid the COVID-19 outbreak and consequent economic fallout.

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Bank Nifty is trading flat at 12:12 hours. The stocks which are trading in the green include HDFC Bank, State Bank of India and Kotak Mahindra Bank. On the other hand, the losers included Bandhan Bank, IndusInd Bank, RBL Bank, ICICI Bank, Federal Bank and Axis Bank.

Auto stocks are trading mixed with Tata Motors up a percent followed by Ashok Leyland while shares of Mahindra & Mahindra, Maruti Suzuki, Eicher Motors and Motherson Sumi Systems are trading in the red

Nifty Financial Services was trading in the green led by Bajaj Finance, Bajaj Finserv, Bajaj Holdings, HDFC, ICICI Prudential, Mahindra & Mahindra Financial, REC and SBI Life Insurance.

Nifty Realty was up over a percent led by Prestige Estates which jumped over 7 percent followed by Oberoi Realty, Phoenix Mills, Sobha and Mahindra Lifespace.

 
First Published on Aug 6, 2020 10:22 am
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