Shares of five housing finance firms rose by 3.13% to 5.69% at 14:04 IST on BSE after the central bank cut in its main lending rate viz. the repo rate by 25 basis points in an unscheduled review today, 15 January 2015.
Indiabulls Housing Finance (up 5.69%), Dewan Housing Finance Corporation (up 5.38%), HDFC (up 5.18%), GIC Housing Finance (up 3.58%) and LIC Housing Finance (up 3.13%), edged higher.
The S&P BSE Sensex was up 674.12 points, or 2.47% at 28,020.94.
The Reserve Bank of India (RBI) cut interest rates before trading hours today, 15 January 2015, by 25 basis points in a surprise inter-meeting move.
RBI reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 8% to 7.75% with immediate effect. Consequently, the reverse repo rate under the LAF stands adjusted to 6.75%, and the marginal standing facility (MSF) rate and the Bank Rate to 8.75% with immediate effect. It kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4% of net demand and time liabilities (NDTL).
The RBI's next monetary policy review is scheduled on 3 February 2015.
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