| Company | Value | Change | %Change |
|---|
The move aims to enhance market efficiency and align operations with evolving global practices.
The working group will assess the current framework and suggest necessary modifications to optimise market functioning.
Rate sensitive stocks, meanwhile, are trading mixed after the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decided to cut repo rate by 25 basis points to 6.25% from 6.5%.
Shares of SBI, Bank of Baroda, Axis Bank, Punjab National Bank, Canara Bank and ICICI Bank from the Nifty Bank index; and Brigade Enterprises, Prestige Estates, DLF, Sobha and Godrej Properties from the Nifty Realty index were down in the range of 1% to 2%. However, HDFC Bank, IndusInd Bank, Mahindra & Mahindra, Hero MotoCorp, and Bajaj Auto were trading higher by up to 1%.
RBI Sanjay Malhotra delivered a rate cut of 25 basis points in his first policy at the help of India’s central bank. This is the first instance after 12 policies that the repo rate has been cut by the Monetary Policy Committee. The repo rate now stands at 6.25% from 6.5% earlier.
The Standard Deposit Facility and the Marginal Standing Facility have both been adjusted by 25 basis points each.
The MPC has also unanimously voted to keep the policy stance at “neutral”.
The Governor said that the “neutral” stance will give the RBI flexibility to respond to the environment around.