3 days ago
Ashok Leyland to Samvardhan Motherson: Auto stocks rise after 50 bps repo rate cut in RBI MPC meeting
Stock Market Today: Ashok Leyland to Samvardhan Motherson, the Auto stocks saw a sharp rise after the 50 bps repo rate cut announced in RBI MPC meeting. The rate sensitive Auto stocks got a tailwind as the reduces lending rates could spurt sales of Passenger Vehicles, Two wheelers, commercial vehicles etc Nifty Auto index gained near 1%.
The Nifty Auto Index opened at 23,343.05 almost 1.6% higher than the previous days closing price of - 23,306.206 in anticipation of some rate cat announcement by the Reserve Bank of India as it announced the RBI MPC otcome.
However the RBI governor made a surprise repo rate cut by 50 basis point coupled with CRR or cash reserve ratio or CRR cut by 100 bps
