Bank Nifty falls even as RBI keeps rate unchanged
DSIJ Intelligence / 07 Dec 2016
In what has been a shocker from RBI, Urjit Patel has announced a Status Quo in the interest rates in India.
Market participants were expecting a rate cut of atleast 25 basis points and few were even expecting a 50 basis points cut.
In what has been a shocker from RBI, Urjit Patel has announced a Status Quo in the interest rates in India.
Market participants were expecting a rate cut of atleast 25 basis points and few were even expecting a 50 basis points cut.
Repo rate will remain at 6.25 per cent. Reverse repo rate at 5.75 per cent will remain unchanged even as the governor says the RBI stance is accommodative.
Reasons given by the governor have been rising crude prices and the increased liquidity due to demonetisation. Markets corrected sharply owing to the RBI announcement with Bank Nifty falling sharply by more than 250 points within seconds of RBI announcement.
Bank Nifty is down by almost one per cent and is trading at Rs 18,250 levels on an intraday basis on Wednesday.
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