RBI effect: SBI, Axis, ICICI Bank, Tata Motors, TVS keep green; HDFC twins, Maruti in red

On Friday, most stocks under the interest rate sensitive umbrella were held in green territory after RBI Governor Shaktikanta Das, the MPC maintained the repo rate – the interest rate at which the central bank lends short-term funds to commercial banks – unchanged at four percent. The RBI raised its retail inflation forecast for the year ending March 2023 and lowered its projections for economic growth.

SBI, Axis Bank, ICICI Bank, PNB, SBI Life, Muthoot Finance, Cholamandalam Investment were among the top gainers in financial services, rising between 0.2% and 6.6% hourly after RBI’s announcements. In contrast, HDFC Bank, HDFC and Piramal Enterprises were down around 1% each. Kotak Mahindra Bank edged down 0.1%.

Stocks in the automotive space were mixed. Tata Motors, TVS Motor and Ashok Leyland rose around 1-2%, but Maruti Suzuki, Mahindra & Mahindra, Eicher, Hero MotoCorp and Bajaj Auto fell 0.6%.

Here’s how rate-sensitive stocks fared after the April 8 RBI announcements:

Banking

Store Switch (%)
BANDHANBNK 3.8
AUBANQUE 2.1
FEDERALLBNK 1.5
GNP 0.8
BANQUEARODA 0.6
INDUSINDBK 0.4
SBIN 0.2
THE AXIS BANK 0.2
ICICIBANK 0.2
KOTAKBANK -0.1
IDCFIRSTB -0.5
HDFCBANK -1

Financial services

Store Switch (%)
CHOLAFINE 6.6
SBILIF 2.2
ICICIPRULI 2
MUTHOOTFIN 1.2
RECLTD 0.5
PFCs 0.4
BAJAJFINSV 0.3
HDFCLIFE 0.2
SRTRANSEND 0.2
HDFCAMC 0.1
BAJFINANCE 0.1
SBICARD -0.2
ICICIGI -0.6
ELP -0.9
HDFC -1

Auto

Store Switch (%)
TVSMOTOR 2.3
ASHOKLEY 1.4
TATAMOTORS 0.9
SONACOM 0.8
BALKRISIND 0.7
BHARATFORG 0.3
BOSCHLTD 0.3
LIM 0.2
TINDIA -0.1
MARUTI -0.2
M&Ms -0.2
EICHERMOT -0.3
BAJAJ-AUTO -0.6
HEROMOTOCO -0.6
ESCORTS -5.4

Real estate

Store Switch (%)
PRESTIGE 2.4
SOLAR 1
SQUAD 1
LODHA 0.9
PHOENIXLTD 0.8
SOBHA 0.3
GODREJPROP -0.1
LDF -0.6
IBREALEST -1
OBEROIRLTY -3

Durable consumer goods

Store Switch (%)
ORIENTELEC 1.7
HAVELS 1.6
DIXON 1.4
TITAN 1.2
VGUARD 1
Crompton 1
KAJARIACER 0.8
VOLTAS 0.7
TOURBILLON 0.6
RELAXATION 0.6
AMBER 0.5
BATAINDIA 0.4
RAJESHEXPO 0.4
BLUESTARCO 0.2
TTKPRESTIG -0.1

(Edited by : Sandep Singh)

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