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
Notifications
Settings
Clear Notifications
No New Notifications
Notifications
Use the toggle to switch on notifications
Block for 8 hours
Block for 12 hours
Block for 24 hours
Don't block
To start receiving timely alerts, as shown below click on the Green “lock” icon next to the address bar
Click it and Unblock the Notifications
Close X
Close X
To Start receiving timely alerts please follow the below steps:
Click on the Menu icon of the browser, it opens up a list of options.
Click on the “Options ”, it opens up the settings page,
Here click on the “Privacy & Security” options listed on the left hand side of the page.
Scroll down the page to the “Permission” section .
Here click on the “Settings” tab of the Notification option.
A pop up will open with all listed sites, select the option “ALLOW“, for the respective site under the status head to allow the notification.
Once the changes is done, click on the “Save Changes” option to save the changes.
Click it and Unblock the Notifications
Sign in with Google