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of 685 points. Among the bank stocks, ICICI Bank (-4.8%), SBI (-3.4%), Yes Bank (-7.9%), HDFC Bank (-3.6%) and PNB (-7.3%) were the prominent losers.
Meanwhile, realty players like Unitech (-6.2%), DLF (-11.5%), Anant Raj (-8.2%) and HDIL (-8.5%), saw heavy selling. DLF saw its highest single-day fall in nearly five years. Among the auto majors, Tata Motors (-2.84%), Hero Motocorp (-2.82%) and Bajaj Auto (-2.87%) all ended in the red. While most rate sensitives lost heavy ground on Friday, experts believe that the stocks could see some more near-term correction. In the current calendar year, rate-sensitives have been under pressure with BSE Realty and BSE Bankex losing 39% and 15.2%, respectively.
“We don’t expect the rate hike to have a major impact on the cyclicals. However, we remain underweight on banks as we feel they are cyclically and structurally challenged,” said Saurabh Mukherjea, CEO, Institutional Equities, Ambit Capital.