Business

Rate-sensitive auto, banking shares trade mixed post RBI policy

Bajaj Finserv and Axis Bank gained 0.5-1.5 per cent; maruti suzuki and mahindra and mahindra business weak

Rate-sensitive auto and banking stocks are trading mixed after RBI, on expected lines, maintained status quo on benchmark rates and maintained an ‘accommodative’ monetary stance. RBI Governor Shaktikanta Das said at the end of the bi-monthly Monetary Policy Committee (MPC) review meeting that began on Wednesday that the central bank kept the repo rate unchanged at 4 per cent and the reverse repo rate at 3.35 per cent.

Among individual financial stocks, Bajaj Finserv, Bajaj Finance, Axis Bank and HDFC Bank have gained 0.5-1.5 per cent on the BSE. Tata Motors has extended its impressive lead in the auto sector with a growth of over 1 per cent. On the other hand, Maruti Suzuki, Mahindra & Mahindra and Bajaj Auto are trading with losses of up to one per cent each.

The Reserve Bank last cut its policy rates on May 22, 2020, when the COVID-19 pandemic rocked the country for the first time.

RBI Governor Shaktikanta Das also announced FY2021-22 . The real GDP growth forecast for has been retained at 9.5 per cent.

On the inflation front, Mr Das projected CPI inflation at 5.3 per cent for the current year, while the central bank will ensure that inflation remains within the target range, which is 2-6 per cent.

Back to top button