Bank stocks fall after RBI keeps repo rate unchanged at 6.5%
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Bank stocks declined after the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) has decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent. The standing deposit facility (SDF) rate remains unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.
ICICI Bank is currently trading at Rs. 997.35, down by 26.40 points or 2.58% from its previous closing of Rs. 1023.75 on the BSE. The scrip opened at Rs. 1023.05 and has touched a high and low of Rs. 1028.30 and Rs. 995.15 respectively. So far 221254 shares were traded on the counter.
Kotak Mahindra Bank is currently trading at Rs. 1758.75, down by 34.75 points or 1.94% from its previous closing of Rs. 1793.50 on the BSE. The scrip opened at Rs. 1793.55 and has touched a high and low of Rs. 1801.75 and Rs. 1752.95 respectively. So far 65137 shares were traded on the counter.
HDFC Bank is currently trading at Rs. 1412.50, down by 17.40 points or 1.22% from its previous closing of Rs. 1429.90 on the BSE. The scrip opened at Rs. 1431.95 and has touched a high and low of Rs. 1438.95 and Rs. 1408.00 respectively. So far 322538 shares were traded on the counter.
