Banking stocks buoyant ahead of RBI monetary policy

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 Banking stocks buoyant ahead of RBI monetary policy
Andhra Bank: Quotes, News
BSE 61.10BSE Quote2.15 (3.52%)
NSE 60.85NSE Quote2.15 (3.53%)
Allahabad Bank: Quotes, News
BSE 71.85BSE Quote1.45 (2.02%)
NSE 72.05NSE Quote1.05 (1.46%)
Banking stocks were trading significantly higher ahead of the RBI's Monetary Policy due on April 1 on hopes that the RBI would maintain a status quo on policy rates.

ICICI Bank was closer to its 52-week high and was trading at Rs 1261, while Yes Bank and IndusInd Bank were the other notable gainers in trade.

But, the real winners in trade were some of the PSU banking stocks which showed no signs of aborting the fantastic rally seen in the last few days.

Andhra Bank was up 4.34 per cent, while Punjab National Bank was up 2.77 per cent and Allahabad Bank was up 2 per cent in trade.

There is a possibility that the RBI would hold interest rates steady after RBI Governor Raghuram Rajan had said in his last policy meet that if inflation falls, the RBI would have been done with its rate hikes.

Inflation has been trending lower in the last couple of months, raising the prospects of the RBI holding interest rates steady.

Story first published: Monday, March 31, 2014, 10:10 [IST]
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