A day after the RBI cut the repo and CRR rates, the Bank Nifty turned green with a gain of about 50 points.
But what was significant was that there was a vertical division among the 12 Bank Nifty constituents with half of them — all private banks — posting gains, while the other half consisting of PSU banks posting losses.
Axis Bank was the top gainer among the Bank Nifty stocks, up by Rs 35.45 at Rs 1,510.90. Yes Bank gained Rs 8.70 to move up to Rs 520.15, ICICI Bank gained Rs 13.50 to trade at Rs 1214.70, IndusInd Bank edged up by Rs 3.75 at Rs 434.45, HDFC Bank gained Rs 2.60 at Rs 655.05 and Kotak Mahindra Bank was up by 25 paise to trade at Rs 674.95.
However, all the PSU bank stocks in the Bank Nifty were in the red. SBI shed Rs 19.15 at Rs 2,443.30, Canara Bank lost Rs 7.20 at Rs 469, BoB was down by Rs 13.30 at Rs 833.35, BoI lost Rs 5.40 at Rs 335.55, PNB was trading at Rs 837.50, a loss of Rs 21.75, and Union Bank of India was down by Rs 6.55 at Rs 242.50.