Nifty Bank slumps more than 1% post RBI policy
DSIJ Intelligence / 08 Feb 2017
The Reserve Bank of India’s Monetary Policy Committee (MPC) maintained status quo while changing the policy stance from accommodative to neutral. Reacting to the policy, banking stocks corrected by more than 1 per cent whereas, broader market was down by half a percentage point.
The Reserve Bank of India’s Monetary Policy Committee (MPC) maintained status quo while changing the policy stance from accommodative to neutral. Reacting to the policy, banking stocks corrected by more than 1 per cent whereas, broader market was down by half a percentage point.
Markets were expecting a rate cut of at least a 25 basis point in this monetary policy statement. MPC unanimously decided to keep the rate cut decision on hold with repo rate standing at 6.25 per cent.
PSU Banking stocks were selling in trade post the announcement of policy. All the stocks in Nifty Bank Index were trading in red with stocks down from 0.50 per cent to 2 per cent.
Banking Losers:-
PNB- Rs 148.55 (down 2.01%)
Bank of Baroda- Rs 184.10 (down 1.60%)
Bank of India- Rs 131.35 (down 1.34%)
ICICI Bank- Rs 284.90 (down 1.12%)
SBI- Rs 275.60 (down 0.95%)
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