 011123-2.jpg?downsize=773:435 "Nifty Bank Hits Fresh High As RBI Cuts Repo Rate To 5.5%, CRR By 100 Basis Points")
The NSE Nifty Bank hit fresh high on Friday after the Reserve Bank of India cut the benchmark repo rate more than expected, and also reduced the cash reserve ratio. Both of these moves are expected to boost liquidity and help monetary policy transmission.
After the rate cut, India's benchmark repo rate stands at 5.5%, compared to 6% earlier. The cash reserve ratio is reduced to 3% from 4%.
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The central bank has changed its stance to 'neutral' from 'accommodative', Governor Sanjay Malhotra announced in the MPC meeting.
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The Nifty Bank rose 1.20% to a record high of 56,159.35. The index continued to trade at record high as of 10:44 a.m., compared to a 0.66% advance in the Nifty 50.
HDFC Bank Ltd., Axis Bank Ltd., State Bank of India, IDFC First Bank Ltd., and Punjab National Bank are the top contributors to the gains.
ICICI Bank Ltd. was the only detractor in the Nifty Bank.
In terms of share price movement, IDFC First Bank Ltd., Axis Bank Ltd., and Federal Bank Ltd. were top three gainers in the index. The Bank of Baroda was the only loser in the index.
The market-cap of bank stocks on National Stock Exchange rose Rs 53,304.16 crore to Rs 46.32 lakh crore as of 10:50 a.m.
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