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Rate sensitive stocks are in focus ahead of the outcome of RBI Monetary Policy Committee’s (MPC) decision later today. Since the last policy annoucement on february 7, Nifty Realty and Nifty Bank indices have slipped 7.7% and 6% respectively, as compared to 3.3% fall in the Nifty50 index in the same period. Nifty Auto, however, was flat during the same time.
The first RBI Policy of FY19 is expected to be a non-event. The six-member MPC is widely expected to keep the repo rate unchanged at 6 per cent on Thursday.
According to Madan Sabnavis, chief economist at CARE Ratings,"The policy review is in the backdrop of higher economic growth, moderation in inflation, increase in bank credit growth, lower bank deposits growth, tight liquidity conditions and increasing GSec yields in FY18. Prospects of interest rate hikes by US Federal Reserve, European Central Bank and Bank of England will also limit the chances of RBI going in for a rate cut."
Nifty Bank
Among banking stocks, Punjab National Bank fell the most, down almost 40%, since the last RBI policy meet. ICICI Bank, State Bank of India, Axis Bank also fell between 12%-19% during the period, ACE Equity data show.
| Stock Price (Rs) | |||
|---|---|---|---|
| Company Name | 07-Feb-2018 | 04-Apr-2018 | % Change |
| IndusInd Bank | 1663.10 | 1794.05 | 7.87 |
| Kotak Mahindra Bank | 1034.95 | 1078.20 | 4.18 |
| RBL Bank | 479.00 | 487.90 | 1.86 |
| HDFC Bank | 1871.40 | 1884.80 | 0.72 |
| The Federal Bank | 93.40 | 91.40 | -2.14 |
| IDFC Bank | 52.20 | 48.25 | -7.57 |
| Yes Bank | 333.20 | 305.65 | -8.27 |
| Bank Of Baroda | 153.75 | 139.95 | -8.98 |
| Axis Bank | 558.70 | 490.15 | -12.27 |
| State Bank Of India | 292.75 | 246.90 | -15.66 |
| ICICI Bank | 332.25 | 268.45 | -19.20 |
| Punjab National Bank | 156.95 | 94.40 | -39.85 |
Nifty Realty
In realty index, HDIL, DLF, Brigade Enterprises fell over 10% each. However, Oberoi Realty gained 5.7%
| Stock Price (Rs) | |||
|---|---|---|---|
| Company Name | 07-Feb-2018 | 04-Apr-2018 | % Change |
| Oberoi Realty | 469.55 | 496.50 | 5.74 |
| Prestige Estate Projects | 289.50 | 292.25 | 0.95 |
| Phoenix Mills | 613.20 | 581.30 | -5.20 |
| Unitech | 7.37 | 6.73 | -8.68 |
| Sobha | 552.85 | 499.95 | -9.57 |
| Indiabulls Real Estate | 200.70 | 180.80 | -9.92 |
| Godrej Properties | 790.95 | 712.50 | -9.92 |
| Brigade Enterprises | 287.00 | 258.00 | -10.10 |
| DLF | 225.20 | 198.55 | -11.83 |
| HDIL | 51.40 | 40.60 | -21.01 |
| Source: AceEquity | |||
Nifty Auto
Auto stocks, on the other hand, gained with Exide Industries rising 12.7% since February 7; followed by Ashok Leyland, MRF, Apollo Tyres which were up between 8%-9%.
| Company Name | 07-Feb-2018 | 04-Apr-2018 | % Change |
|---|---|---|---|
| Exide Industries | 204.35 | 230.40 | 12.75 |
| Ashok Leyland | 132.90 | 145.70 | 9.63 |
| MRF | 68617.60 | 74860.50 | 9.10 |
| Apollo Tyres | 260.85 | 281.90 | 8.07 |
| Eicher Motors | 27997.60 | 28944.40 | 3.38 |
| Hero MotoCorp | 3564.30 | 3669.95 | 2.96 |
| Bosch | 19241.10 | 19680.10 | 2.28 |
| Bharat Forge | 706.10 | 716.30 | 1.44 |
| Mahindra & Mahindra | 747.10 | 756.95 | 1.32 |
| Maruti Suzuki India | 8919.90 | 9015.20 | 1.07 |
| Amara Raja Batteries | 790.45 | 798.00 | 0.96 |
| TVS Motor Company | 648.00 | 645.35 | -0.41 |
| Tata Motors | 377.50 | 355.70 | -5.77 |
| Motherson Sumi Systems | 354.80 | 333.10 | -6.12 |
| Bajaj Auto | 3137.30 | 2766.35 | -11.82 |
| Source: AceEquity |
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