Nifty Bank trades flat, ahead of RBI policy statement
DSIJ Intelligence / 08 Feb 2017
Nifty Bank index was trading flat with negative bias in the backdrop of the sixth bi-monthly RBI Policy meeting, which concludes on Wednesday at 2:30 pm with the release of the policy statement. This would be the third policy for the newly formed monetary policy committee (MPC).
Nifty Bank index was trading flat with negative bias in the backdrop of the sixth bi-monthly RBI Policy meeting, which concludes on Wednesday at 2:30 pm with the release of the policy statement. This would be the third policy for the newly formed monetary policy committee (MPC).
The RBI is expected to go for a 25 basis point rate cut in order to rein further boost in consumption demand of the economy which has been bogged down by the impact of demonetisation.
A rate cut would also bring almost a closure to the current rate cut cycle which began in 2015. If the rate cut goes through such a move, it is certainly going to cheer the general public as well as the banks, as the cost of funds will further become cheaper.
Just before the policy, banking stocks were trading flat with Axis Bank and PNB down by 2.01 and 1.25 per cent respectively, therefore, dragging down the overall banking index.
ICICI Bank and Bank of India were trading down with minor losses.
On the gainers' side, HDFC Bank, Federal Bank and SBI were up by close to half a percentage point on NSE.
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