Bank Stocks Buzz, RBI reduce repo-rate by 75-bps

NIFTY-PSU-BANK-STOCKS

Key benchmark indices wiped morning gains post RBI announcement. Shares of banks and NBFCs gained 3 – 15-pc on Friday after the RBI reduced benchmark repo-rate by 75-bps to 4.4-pc and also slashed CRS to 3-pc. The RBI also trimmed reverse-repo-rate by 90-bps to 4-pc.

During, mid-session at 12.35-pm, the Nifty Bank gained 3.35-pc to trade above 20,270. Among the index, Axis Bank led with over 13-pc gains followed by Bandhan Bank surging over 12-pc.

In comparison, Sensex down 115-pts to 29,831 and the Nifty-fifty gained 27-pts to 8,668.85.

Today’s press meet by the RBI which though kept accommodative stance comes a day after the govt declare stimulus measure in value Rs.1.7-La-Cr to deal with COVID19 outbreak. Track latest stock market updates, Bank Nifty tips from here.

In the public sector (PSU) Banking constituents, Bank of Maharashtra, UCO-Bank, Central-Bank of India and State Bank of India(SBI), Indian-Bank and Union-Bank gained between 3 and 6 percent by now. In Comparison, The Nifty PSU banking index stood higher over 2 percent at 1,362 with UCO Bank scaled higher near 7 percent.

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