Mahindra Lifespace Developers gained the most in the Nifty Realty index.
The other top gainers were Godrej Properties, Oberoi Realty, DLF, Brigade Enterprises, Macrotech Developers, The Phoenix Mills, Sunteck Realty and Prestige Estates. In the 10-stock index eight were trading in the green around 12 pm, aiding the index’s forward march that resulted in a near 2% uptick. The laggards were Prestige Estates and Sobha which shed up to 2%.
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RBI’s decision to leave rates unchanged has implications for banks and financial institutions, particularly concerning lending rates like home loan interest rates, which are linked to the RBI’s repo rate, Adhil Shetty, CEO, Bankbazaar.com said. A stable repo rate signals consistency in interest rates for borrowers, assuring homebuyers regarding steady loan interest rates, beneficial for both new loans and existing ones with floating rates, Shetty said.
Stable interest rates not only enhance affordability for potential homebuyers but also foster consumer confidence, thereby sustaining demand in the real estate market, he added.The policy was a non-event for other rate-sensitive sectors like banks and auto. Nifty Bank was up by 0.40% at 48,242,on account of gains in HDFC Bank. The largest private lender contributed most to the index. It has been on an upward rally since its March quarter updates where it reported a 55.4% year-on-year (YoY) growth in its gross advances at Rs 25.08 lakh crore.Auto stocks traded mixed with two-wheeler major Bajaj Auto declining by 1.40%. The Nifty Auto index was down by 48.15 points or 0.22 at 21,603.70. Seven out of 16 stocks in the index were trading in the red around this time.
Meanwhile, Nifty was trading flat at 22,504.10, though the bias was slightly negative.
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