Shares of rate-sensitive sectors, including banking, finance, automobiles, and real estate, are trading marginally higher after the Reserve Bank of India’s Monetary Policy Committee (RBI MPC) decided to keep the repo rate unchanged at 6.5% for the seventh consecutive time.
Governor Shaktikanta Das announced this decision on June 7, stating that the majority vote was 4:2. Additionally, the RBI MPC decided by a 4:2 majority to remain focused on the “withdrawal of accommodation.”
As of mid-day trading, the Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Auto, and Nifty Realty indices are trading in the green, with gains of up to 1%.
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Sports betting siteAmong the realty stocks, Sobha, Sunteck Realty, Macrotech Developers, and Brigade Enterprises are up in the range of 2% to 7% on the National Stock Exchange (NSE).
Major banking stocks such as HDFC Bank and ICICI Bank were trading higher, with gains over 1% each. In contrast, State Bank of India (SBI) managed a marginal gain of 0.65%.
Automobile shares also experienced varied movements. Maruti Suzuki, India’s largest car manufacturer, trade lower by 0.24 %, whereas Tata Motors rose by 1.15%, with more gains followed by Hero MotoCorp up by almost 1%.Come from Sports betting site VPbet
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The repo rate has remained at 6.5% for over a year, with the last hike to this level occurring in February 2023. The repo rate, which is the interest rate at which the RBI lends money to commercial banks, directly impacts big-ticket loans like home loans.
The MPC also left the Marginal Standing Facility (MSF) and Standing Deposit Facility (SDF) rates unchanged at 6.75% and 6.25%, respectively. Whereas Analysts predict that the RBI MPC will cut interest rates in October, only after the US Fed begins its rate-cutting cycle.
In related global monetary policy, the US Federal Reserve has indicated three rate cuts this year, with experts expecting the first one around the end of June or early in the second half of the year.
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Presently, the government holds a 73.18% stake in IRCON International. The envisaged 8% stake sale is expected to generate approximately ₹1,159 crore in funds. The government plans to initiate the sale by offering 4% of the company’s shares initially, with an additional 4% being contingent upon oversubscription.
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The minority shareholders have expressed opposition to the share swap ratio proposed for delisting the brokerage. Under the proposed delisting plan, I- Sec shareholders will receive 67 shares of ICICI Bank for every 100 shares they currently hold. Following delisting, ICICI Securities will become a wholly-owned subsidiary of the bank.
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