Bank stocks gain after RBI policy announcement

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The banking stocks which traded lower in the morning session, have improved after Reserve Bank of India (RBI) repo-rate announcements.

The RBI monetary policy committee kept the policy repo rate unchanged at 5.15 percent, continuing with the accommodative stance to revive the growth.

The reverse-repo-rate has been unchanged at 4.9-percent, whereas the Bank rate is at 5.4-pc and the FY-2021-GDP growth is seen at 6-pc. The RBI raised the Consumer Price Index or CPI-based inflation forecast for the first half of the FY 2021 to 5 to 5.4-pc.

After the RBI policy outcome, the PSU Bank gained the most with the Nifty PSU banking index climbing at 2,310.55, up by 2.58 percent during the noon session. Also, the Rate sensitive stock including, auto, other Banking such as Nifty Bank, Nifty Private Bank, Nifty Financial service rose over one percent. Track more information on Best Bank Nifty Stock tips and the latest stocks and stock market today updates from here.

Shares of Canara Bank rose 3.56 percent, followed by Bank of Baroda-up by 3.06 percent, as the top gainers in the Nifty PSU bank index. In addition, UCO Bank, SBI, Punjab National bank, Jammu&Kashmir bank, Indian Bank rose between 2.65 and 2.10 percent.

At around 13:00-hrs, the Sensex climbed 226 points higher at 41369-level and the Nifty marked at 12154-level, up by 65 points in trade.

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