Latest News
-
Gold Price India: 24K Of 100 Grams Gold Falls By Rs 15,300 Today, Biggest Dip In April -
JNK India IPO: Public Issue Opens Today; GMP Hints Premium Listing; Check Subscription Status -
Fraud Worth Rs 150 Crore Detected at M&M Financial Services Branch; Board Meeting Deferred -
40% Of India's Silver Now Imported From UAE, Thanks To CEPA -
US Hedge Fund Jane Street & Millenium Management's $1 Bn Trade Puts Spotlight On Indian Options Market -
Day Trading Picks: Chandan Taparia of Motilal Oswal Recommends 3 Stocks To Buy Today - Tuesday -
Trade Setup: Nifty Bounces Back From Friday Lows As Geopolitical Tensions Ease; Focus On Q4 Earnings -
Trade Call: 2 Stock Picks On Tuesday, April 23 By Sumeet Bagadia of Choice Broking -
Stock Market Live Updates: Market Trades Higher; Nifty Holds 22,350, Bharti Airtel & HCLTech Top Gainers -
Swing Trading Guide: 3 Stock Picks By VLA Ambala On Tuesday, April 23
For Daily Alerts
Banking stocks hammered as RBI hikes repo rate
Banking stocks were hammered out of shape following the RBI move to hike repo rates. Repo rates are rates at which the RBI lends to banks and any hike in these rates normally leads to higher interest rates in the economy.
Banking shares which were hammered out of shape were Yes Bank which fell 11%, while Punjab National Bank lost 9%, Bank of India 8%, Axis Bank 7% and State Bank 5.25%.
Smaller PSU banking stocks that fell in trade were Oriental Bank of Commerce down 9%, IDBI Bank down 4%, while UCO Bank, Dena Bank, Vijaya Bank also lost sharply in trade.
It maybe recalled that on Thursday these banks had gained sharply following the Fed decision to put a hold on tapering. Today's fall almost wiped off most of the gains that the banking sector stocks saw on Thursday.
GoodReturns.in
Story first published: Friday, September 20, 2013, 12:02 [IST]
More From GoodReturns
