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Bank stocks off-highs even as RBI cuts repo rate by 75 bps, CRR to 3%

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Bank stocks off-highs even as RBI cuts repo rate by 75 bps, CRR to 3%

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Shares of banks and non-banking financial services (NBFC) gained more than 3 to 15 percent on Friday after the Reserve Bank of India slashed benchmark repo rate by 75 basis points to 4.40 percent and also reduced Cash Reserve Ratio to 3 percent.

Bank stocks off-highs even as RBI cuts repo rate by 75 bps, CRR to 3%
Shares of banks and non-banking financial services (NBFC) gained more than 3 to 15 percent on Friday after the Reserve Bank of India slashed benchmark repo rate by 75 basis points to 4.40 percent and also reduced Cash Reserve Ratio to 3 percent.
Nifty Bank was off-highs, gaining 4.56 percent to trade above 20,500. Among the index, Bandhan Bank led with 15  percent gains followed by Axis Bank surging more than 11 percent.
In its monetary policy committee, the RBI also reduces reverse repo by 90 bps to 4 percent.
"MPC voted for a sizable reduction in Repo Rate and maintaining Accommodative Stance," RBI Governor Shaktikanta Das said.
Meanwhile, Sensex fell 156.02 points or 0.52 percent to 29,790.75 and the Nifty gained 37.10 points or 0.43 percent to 8,678.55, at 11 am.
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