Stock market update: Bank stocks mixed after RBI hikes repo rate
The BSE Bankex was trading 0.15 per cent down at 29,248 around 02:40 pm.
By ETMarkets.com | Updated:
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In the Sensex index, 24 stocks were up while 7 were down.
NEW DELHI: Bank stocks ICICI Bank (down 0.58 per cent), Axis Bank (down 0.43 per cent), HDFC Bank (down 0.38 per cent), YES Bank (down 0.31 per cent) and IndusInd Bank (down 0.27 per cent) were in the red after the Reserve Bank of India announced an increase in the repo rate after its second bimonthly policy meet of the current fiscal.
The six-member monetary policy committee of RBI headed by Governor Urjit Patel on Wednesday bit the bullet and hiked the repo - the short-term lending rate - by 25 basis points to 6.25 per cent.
The BSE Bankex was trading 0.15 per cent down at 29,248 around 02:40 pm.
However, shares of Punjab National Bank (up 1.21 per cent), State Bank of India (up 1.14 per cent), Kotak Mahindra Bank (up 0.48 per cent), Federal Bank (up 0.30 per cent) and Bank of Baroda (up 0.23 per cent) remained din the green.
Benchmark BSE Sensex was up 106 points at 35,009, while the NSE Nifty50 index was up 36 points at 10,628.
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Among the 50 stocks in the Nifty index, 34 were trading in the green, while 16 were in the red.
In the Sensex index, 24 stocks were up while 7 were down.
