RBI’s decision sends bank stocks roaring, for a while  

The decision of >RBI to keep the repo rate and CRR untouched sent the bank stocks roaring on the NSE with the CNX Bank Nifty rocketing by over 300 points.

But after 10 minutes, following probably a closer look at the RBI credit policy announcement, the Bank Nifty shed part of the gains it had made. But all the Bank Nifty stocks were in the green.

All the 12 stocks in the Bank Nifty jumped with SBI and Axis Bank emerging as the biggest gainers immediately after the decision was announced.

SBI gained Rs 53.25 to move up to Rs 1,771.55 and Axis Bank was up by Rs 35.75 to trade at Rs 1,291.85. Bank of Baroda , which gained Rs 22.05 to go up to Rs 670.15, HDFC Bank which moved up to Rs 679.40, a gain of Rs 21.80, Kotak Mahindra Bank that gained Rs 20.85 to trade at Rs 761.45 and ICICI Bank that was up by Rs 23.35 to move higher to Rs 1121.65 were the other significant gainers.

But after about 10 minutes, the Bank Nifty pared nearly a quarter of its gains with the gains trimmed to 225 points.

SBI slipped to Rs 1,761, a gain of Rs 42.70, Axis Bank was trading at Rs 1,285.15, a gain of Rs 29.05, BoB was quoting at Rs 663.90, a gain of Rs 15.80, ICICI Bank was trading at Rs 1,114.80, a gain of Rs 16.50, HDFC Ban k trimmed its gains to Rs 10.05 to trade at Rs 667.65 and Kotak Mahindra Bank was trading at Rs 754.40, a gain of Rs 13.80.

The Bank Nifty, which had gained 302 points immediately after the RBI decision was known, saw the gains reduced to about 225 points in about 10 minutes.