Bank stocks trade higher after RBI keeps repo rate unchanged at 6.5%
Banking stocks are trading higher on the BSE, after the Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC) has decided to Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent for the eighth consecutive time. Consequently, 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.
Axis Bank is currently trading at Rs. 1187.80, up by 16.25 points or 1.39% from its previous closing of Rs. 1171.55 on the BSE.
ICICI Bank is currently trading at Rs. 1123.30, up by 12.60 points or 1.13 % from its previous closing of Rs. 1110.70 on the BSE.
HDFC Bank scrip is currently trading at Rs. 1574.95, up by 15.50 points or 0.99% from its previous closing of Rs. 1559.45 on the BSE.
