Rate hike impact: Rate sensitive shares tumble as RBI ups rate by 40bps

At 02:27 PM: Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Auto and Nifty Auto index were down between 1.3 per cent and 2 per cent on the NSE.

Shares of rate sensitive sectors such as financials including banks, non-banking financial companies (NBFCs) and housing finance companies (HFCs), automobiles and real estate came down sharply up to 4 per cent after the Reserve Bank of India (RBI) Governor Shaktikanta Das today announced a surprise 40-basis-point (bps) hike in the key lending rate, repo, in an unscheduled announcement.

At 02:27 PM; the Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Auto and Nifty Auto index were down between 1.3 per cent and 2 per cent on the National Stock Exchange (NSE). Nifty Consumer Durable index, however, declined nearly