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BW Businessworld

Nifty Rallies On RBI Rate Cut Hopes

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The Nifty extended gains to as much as 2 per cent, led by interest rate-sensitive sectors such as autos and banks on continued hopes the Reserve Bank of India will ease policy when it meets on June 18.

Banking shares, as measured by the NSE banking index, rose for a third consecutive day. HDFC Bank gained 2.7 per cent.

Autos, which would benefit from lower financing costs should interest rates be lowered, gained as well. Tata Motors rose 5.4 per cent, recovering from recent steep losses.

The NSE index was last up 1.9 per cent, after earlier gaining as much as 2 per cent.

The BSE Sensex also gained 1.9 per cent.

(Reuters)


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rbi finance auto news 4 markets sensex nifty banks rate cut