Financial Chronicle - - MONETARY - FC BU­REAU

Rate-sen­si­tive NBFC, bank, realty stocks fell after the RBI main­tained sta­tus quo on repo rate at 6.5 per cent in its mon­e­tary pol­icy re­view meet­ing that con­cluded on Wed­nes­day.

NBFC stocks fell de­spite the RBI re­as­sur­ing liq­uid­ity sup­port to them. RBI deputy gov­er­nor Vi­ral Acharya’s state­ment that “mea­sures over the last two months have eased liq­uid­ity and there is no need for RBI to help NBFCs as a lender of last re­sort, in our as­sess­ment there is no such ne­ces­sity at present,” seem to have dis­ap­pointed mar­ket par­tic­i­pants who were ex­pect­ing fur­ther liq­uid­ity en­hanc­ing mea­sures.

Top losers among NBFC stocks on the BSE were De­wan Hous­ing Fi­nance Cor­po­ra­tion (-5.49 per cent), M&M Fi­nan­cial Ser­vices (-4.04 per cent), In­di­a­b­ulls Hous­ing Fi­nance (-3.28 per cent), Shri­ram City Union Fi­nance (-3.16 per cent), IIFL Hold­ings (-3.17 per cent), Moti­lal Oswal Fi­nan­cial Ser­vices (-2.34 per cent) and LIC Hous­ing Fi­nance (-2.33 per cent).

But an­a­lysts said the mar­ket’s dis­ap­point­ment with the pol­icy is mis­placed. R Si­vaku­mar, head-fixed in­come, Axis Mu­tual Fund, said, “The RBI has kept a close eye on the money mar­kets in light of the NBFC liq­uid­ity con­cerns. The RBI fur­ther lent sup­port by agree­ing to be­come a lender of last re­sort to NBFCs should the need arise. This move is a wel­come re­lief to NBFCs.”

The top losers among banks in­clude ICICI Bank (-1.93 per cent), In­dus Ind Bank (-2 per cent), Yes Bank (-1.64 per cent), Axis Bank (-1.30 per cent) and Ko­tak Bank (-1.15 per cent). Realty stocks also lost, led by Oberoi Realty (2.06 per cent), Sobha (2.81 per cent), Pres­tige (2.24 per cent) and Phoenix (-1.99 per cent).

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