Banking Stocks: RBI has not changed the rates for the tenth time in a row. This policy of the bank was warmly received by the banking stocks and the weekly F&O expiry day closed with gains today.
Banking Stocks: The Reserve Bank of India (RBI) has announced its new credit policy today (February 10). The announcement of the policy was given a warm welcome by the banking stocks and the weekly F&O expiry day closed with gains today. RBI’s Monetary Policy Committee has retained the benchmark interest rate at 4 per cent and 5 out of 6 members of the Monetary Committee are in favor of keeping the policy stance ‘accommodative’.
Today, apart from Bank of Baroda, all the banking stocks included in the S&P BSE Bankex index closed with gains. The biggest gain was in Federal Bank today and it closed at Rs 104.40 with a jump of 2.2 percent. On the other hand, except PNB on Nifty Bank, all other stocks have closed with a jump. PNB fell by 2.04 percent today.
RBI Monetary Policy: Reserve Bank did not change interest rates, repo rate remains at 4%, real GDP growth expected to be 7.8% in FY23
Selling only in Bank of Baroda on S&P BSE BANKEX
Today there was a selling trend in Bank of Baroda (BOB) only on S&P BSE Bankex. However, there was a slight decline in it and it closed at Rs 114.75 with a slight fall of 0.09 per cent. S&P BSE BANKEX closed at 44,683.73, up 1.07 per cent today.
Only PNB closed with slippage on Nifty Bank
Federal Bank, HDFC Bank and Kotak Bank were the biggest gainers on Nifty Bank today. Except for PNB, other banking stocks have strengthened and SBI has reached 52-week record price of Rs 549. Federal Bank has also closed near the 52-week record price of Rs 107.65 and AU Bank Rs 1424. Nifty Bank closed at 39010.95 with a jump of 1.04 percent.
RBI kept rates stable for the 10th time in a row
RBI has announced monetary policies today and has kept the benchmark rates unchanged for the 10th time in a row. RBI has retained the repo rate at 4% and the reverse repo rate will also remain at 3.35%. Last time in the year 2020, the central bank cut 0.75 per cent (75 bps) in March and 0.40 per cent (40 bps) in May and after that the repo rate fell to a historic low of 4 per cent. Since then RBI has not made any changes in the rates.
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