Stock market today LIVE: Gift Nifty signals relief rally for Sensex, Nifty | RBI MPC, IT, HDFC Bank, OMC stocks in focus

Against that, the stock is -1.5% on the day at ₹692.20, and has returned -14.6% over three months. It sits 31% below its 52-week high, which means a good deal of bad news was already in the price. The banks sector has moved -1.7% over the same period, so HDFC Bank is running 12.9 points behind its peers.

This is a Rate / liquidity policy event. Rate direction moves bank margins and the discount rate applied to every long-duration asset. The commentary usually matters more than the decision, which is often already priced. On the day the stock is -1.5%, so a modest reaction.

For HDFC Bank, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.