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Bank stocks appear to have shrugged off any disappointment over the RBI Governor, Raghuram Rajan, not springing any surprise and deciding to keep the rates largely unchanged.
The NSE Bank Nifty was marginally up by 3 points with only two bank stocks in the index down, with others up, with many of them trading near the day’s high.
The RBI has kept the repo rate unchanged at 8 per cent and CRR also was left untouched at 4 per cent, apparently because of concerns over inflation. But SLR was trimmed by 50 bps to 22 per cent.
The RBI decision was largely in line with the analysts’ expectations which probably explained why the market did not react adversely to the decision to leave the rates mostly untouched.
Bank of Baroda and PNB were the two major gainers among the Bank Nifty stocks while ICICI Bank was the major loser. BoB was up by Rs 16.20 to Rs 914.75 and staying close to the day’s high of Rs 915.
PNB was trading at Rs 977.70, up by Rs 10.10 and this stock also was trading close to the day’s high of Rs 978.30. Bank of India at Rs 281.95 and Canara Bank at Rs 408.45, were marginally up.
IndusInd Bank and ICICI Bank were marginally down, with ICICI Bank trading at Rs 1483, down by Rs 8.40. The Bank Nifty was trading with a gain of about 3.60 points.
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