Rate sensitive sector stocks have recovered from the intra-day low levels on hopes that the Reserve Bank of India (RBI) may cut policy rates after index for industrial production (IIP) for April grew lower than expected by just 0.1%.
Banking, realty and auto indices were in the red before the announcement of the IIP data. However, they have showcased a recovery on hopes that Reserve Bank of India (RBI) will cut the key rates given the flat IIP numbers.
The BSE banking index- bankex is the top sectoral gainer, up 1% at 11,578 levels. Capital goods, realty and auto indices have also showcased a recovery from the intra-day lows and are up 0.4-0.8% each.
From the banking space, State Bank of India, ICICI Bank and HDFC Bank have bounced back almost 3% from their intra-day low levels. L&T, BEML, Havells India, Crompton Greaves and BHEL are the top gainers from the capital goods space.
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