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Bank, realty, auto stocks continue to fall for second day on RBI policy

LiveMint logoLiveMint 03-08-2017 PTI

New Delhi: Interest rate sensitive stocks—banking, realty and auto—continued to fall for the second straight session, losing up to 3%, as the Reserve Bank of India’s (RBI) policy action failed to enthuse investors.

Among bank stocks, Punjab National Bank (PNB) was trading lower by 2.93%, Yes Bank lost 1.90%, ICICI Bank slipped 1.66%, Axis Bank and State Bank of India (SBI) fell by 1.55% each, Bank of Baroda lost 1.38% and Kotak Mahindra Bank slipped 1.08% on the BSE.

Led by the losses in these scrips, the BSE bank index was quoting 1.17% down at 28,025.60 during the afternoon trade.

From the realty pack, Unitech was trading lower by 3.41%, Housing Development and Infrastructure Ltd (HDIL) lost 0.93% and Godrej Properties slipped by 0.92%.

Auto stocks also faced selling pressure, with Tata Motors falling 1.38%, Maruti Suzuki India losing 0.73% and TVS Motor Company slipping 0.28%. The BSE auto index was quoting at 24,725.90, down 0.23%.

After a 10-month pause, the RBI on Wednesday cut benchmark lending rate by 0.25% to over six-year low. The repo rate, at which RBI lends to banks, is now down to 6%.

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