Rate sensitive stocks were trading mixed after the Reserve Bank of India (RBI) cut repo rate by 25 basis points and reduced FY20 GDP growth target to 6.1 percent from 6.9 percent in its bi-monthly review meeting. This is the fifth straight rate cut by the central bank.
The new repo rate stands at 5.15 percent taking the cumulative cuts to 135 basis points this year and lowest since April 2010.
While Nifty Bank and Nifty Private Bank indices fell more than 1 percent each at around 12:30 PM post the policy announcement, Nifty Auto turned flat, down 0.2 percent. In comparison, the Nifty was trading 3 percent or 30 points lower at 11,284.
Among banking stocks, Federal Bank, Kotak Bank, Yes Bank, and HDFC Bank fell over 1 percent each.
Real estate stocks were also trading under pressure led by Indiabulls Real estate, Prestige, Sobha, and Sunteck Realty, down between 1.8-5 percent.
Exide Industries, Bharat Forge, Amara Raja, Tata Motors, and Motherson Sumi were some of the losers among auto stocks, down between 0.7-1.6 percent.
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