Rate-sensitive realty, auto stocks in red

New Delhi: A large number of interest rate-sensitive realty, auto and bank stocks declined on Thursday on a day when the Reserve Bank of India (RBI) kept the benchmark interest rate and stance unchanged for the ninth straight policy meeting, saying it can’t afford to look through persisting high food inflation.

Shares of Godrej Properties dropped 3.29%, Macrotech Developers declined 2.38%, Mahindra Lifespace Developers (2.17%), Sobha Limited (1.75%), DLF (1.49%), Oberoi Realty (1.47%) and Brigade Enterprises (1.12%) on the BSE. The BSE realty index went lower by 1.22% to settle at 7,862.76. From the auto pack, TVS Motor Company declined 1.86%, Apollo Tyres (1.68%), Bosch (1.64%), Hero MotoCorp (1.46%), Maruti (1.27%), Bajaj Auto (0.58%) and Ashok Leyland (0.40%).

The BSE auto index dropped 0.34% to 56,388.11. “RBI MPC is in wait-and-watch mode and has kept the interest rates unchanged, waiting for clues from the largest Central Bank of the world, the US Federal Reserve, before acting.