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Rate sensitive shares gain on rate cuts hopes, Bankex at 52-week high

Unitech, Bombay Dyeing and Indiabulls Real Estate from realty and SBI, Canara Bank and Bank of India from banking are up 2-3% on the BSE.

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Shares of interest rate sensitive sectors mainly banking and real estate are in focus on optimism of Reserve Bank of India (RBI) easing monetary policy this month.

The Bombay Stock Exchange (BSE), real estate sector index Realty, the largest gainer among the sector indices, is up almost 2% compared to 0.80% rise in benchmark Sensex. The banking index Bankex, trading at its 52-week high, is up 1.1% at 14,508 at 1015 hours

“Goldman Sachs Group’s call for a 0.5% interest-rate cut by India’s central bank this month,” the Bloomberg report suggests.

Goldman Sachs forecasts the repurchase rate, held at 8% since April, will be lowered to 7.5% at the next review on January 29, while BNP Paribas SA sees a 25 basis point reduction. Eleven of 20 analysts surveyed by Bloomberg see a 50 basis point decrease by March 31, the report suggests.

Meanwhile, in last month meeting, kept the key interest rates unchanged, but hinted at easing of rates in January saying with decline in inflation, the focus of monetary policy would shift to removing impediments to growth.

Among the individual stocks, Unitech, Bombay Dyeing and Indiabulls Real Estate from and State Bank of India, Canara Bank and Bank of India from banking are trading higher by 2-3%. 

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