Auto, realty stocks see mixed trading after RBI repo rate hike

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Interest rate-sensitive realty, auto, and bank stocks witnessed mixed trading on Friday after the Reserve Bank raised its key interest rate by 50 basis points (bps) in a more hawkish stance to curb rising inflation. The BSE Bankex index rose over 1%, extending opening gains, while the BSE Realty index rose to 6%. However, the BSE Auto saw choppy trade, swinging between gains and losses near the baseline. At the time of reporting, the auto space was quoting 0.15% lower. In comparision, the BSE benchmark Sensex was trading near day’s high at 58,644 levels, up 346 points, 0.6%, as investors seemed to have reacted positively to the RBI policy decision.

Among realty counters, Indiabulls Real Estate was the top performer with more than 2% gains, followed by DLF, Sobha, and Lodha Developers, which rose between 1% and 1.6%. Among others, Godrej Properties, Oberoi Realty, and Prestige Estates Projects were trading marginally higher. Sunteck Realty and Brigade Enterprises were reeling under stress.

In the auto space, Tube Investments topped the chart, with more than 4% gain. Index heavyweight TVS Motor, Tata Motors, and Escort were also up with marginal gains. On the flip side, Bajaj Auto, Maruti, Hero MotoCorp, and Ashok Leyland were among the top laggards.

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