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NBCC Stocks Up: The Reserve Bank of India (RBI) has changed the policy stance from 'withdrawal of accommodation' to 'neutral'. This led to a rise in the stocks of banks and NFBCs (non-banking finance companies) by up to 4% in Wednesday's trade. The Sensex also jumped 500 points due to the gain in financial stocks. The change in RBI's stance is being seen as a step towards the start of the rate cycle in December. This move by RBI led to more gains in NBFC stocks as NBFCs benefit more than banks at the start of the rate cut cycle.
Shriram Finance up 4%
Shriram Finance was among the top gainers on the Nifty, gaining over 4%. Among other NBFCs, Cholamandalam Investment and Bajaj Finance also gained around 3%.
Nifty Bank also gained nearly 1%, while Axis Bank, SBI, PNB and ICICI Bank added 2-3%. Other rate-sensitive stocks such as auto and real estate also climbed up to 6% after the announcement.
Sensex took off
After the RBI announcement, the Sensex has also gained momentum. At around 11 am, the Sensex is at 82,227.47 with a gain of 592.66 points or 0.73 percent. At the same time, the Nifty is currently at 25,206.05 with a gain of 192.90 points or 0.77 percent. However, the stock market had a slow start today.
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