te RBI MPC Meeting: Rate sensitive sectors Nifty Bank and Financial Services appreciate – ICICI Bank, HDFC AMC surge | Zee Business

RBI MPC Meeting: Rate sensitive sectors Nifty Bank and Financial Services appreciate – ICICI Bank, HDFC AMC surge

Immediately after the rate hike announcement by RBI Governor Shaktikanta Das, Nifty Bank and Nifty Financial Services surged by around 0.3 and 0.15 per cent in the early morning trade.

RBI MPC Meeting: Rate sensitive sectors Nifty Bank and Financial Services appreciate – ICICI Bank, HDFC AMC surge
Conversely, HDFC, Bajaj Finserv, and SBI Card were in the red between 0.1-0.6 per cent today: IANS

RBI MPC Meeting, Nifty Bank, Nifty Financial Service: Interest rate-sensitive sectors such as Bank and Financial Services appreciated the Reserve Bank of India’s decision to hike benchmark rates by 35 basis points or 6.25 per cent – the fifth straight rise since May 2022.

Immediately after the rate hike announcement by RBI Governor Shaktikanta Das, Nifty Bank and Nifty Financial Services surged by around 0.3 and 0.15 per cent in the early morning trade. Both these indices were trading firm in today’s volatile trade in expectation of a lower rate hike.

In banking heavyweights, ICICI Bank surged most by around 1 per cent followed by SBI, Axis Bank, and HDFC Bank, while Kotak Mahindra Bank and IndusInd Bank were in the red. Other lenders such as AU Small Finance Bank, PNB, and Bandhan Bank were up between 0.5 to 2.5 per cent today.

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Financial stocks such as PFC (Power Finance Corporation) jumped over 3 per cent, followed by Shriram Transport Finance up over 2.5 per cent. While ICICI Lombard, HDFC AMC, REC, and Chola Finance were up in the range of 0.5-2 per cent in the early morning trade today.

Conversely, HDFC, Bajaj Finserv, and SBI Card were in the red between 0.1-0.6 per cent today.

The Reserve Bank of India (RBI) on Wednesday raised the benchmark lending rate by 35 basis points to 6.25 per cent in a bid to tame inflation, which has remained above its tolerance level for the past 11 months.

With the latest hike, the repo rate or the short-term lending rate at which banks borrow from the central bank, has now crossed 6 per cent.

This is the fifth consecutive rate hike after a 40 basis points increase in May and 50 basis points hike each in June, August, and September. In all, the RBI has raised the benchmark rate by 2.25 per cent since May this year.

The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das decided by majority view in favour of the rate hike.

Written By: Vaibhav Gautam Bansode
Edited By: Hemant Abhishek
Updated: Wed, Dec 07, 2022
11:44 am
Mumbai, ZeeBiz WebDesk
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