Sensex dives 746 pts after RBI maintains status quo; rate sensitive stocks fall
The rate-sensitive stocks witnessed choppy trade after the RBI policy announcement, with auto realty, and bankex indices sliding up to 1%.
The rate-sensitive stocks witnessed choppy trade after the RBI policy announcement, with auto realty, and bankex indices sliding up to 1%.
The bankex index dropped over 4%, with index heavyweights HDFC Bank, Kotak Mahindra Bank, Axis Bank falling between 3-8%.
Independent director Sridhar Kalyanasundaram accuses the other board members of a "lack of depth of knowledge in banking" and "factionalism"
Rate-sensitive stocks saw mixed reactions with financial services and banking stocks witnessing buying whereas auto and realty stocks seeing marginal selling pressure.
IndusInd Bank topped the losers' chart, followed by Bank of Baroda, Axis Bank, HDFC Bank, ICICI Bank, Federal Bank, and Kotak Bank, among others.
The rally in PSU Bank index was led by index heavyweights such as Union Bank of India, State Bank of India, Bank of Baroda, Punjab National Bank, which rose up to 7%.
Fitch expects the Indian banking sector's average NIM to slightly contract by about 10 basis points in FY24 to 3.45%.
The stock markets slipped in red after the RBI announced rate hike, led by interest rate sensitive realty stocks.
Kotak Mahindra Bank, YES Bank, and ICICI Bank reported robust growth in their June quarter earnings released on Saturday
Post RBI policy announcements, Bank of Baroda rose 2.85%, followed by SBI, IndusInd Bank, HDFC Bank, and Federal Bank, which gained up to 2%.