Banking Stocks Surge After RBI Rate Cut

Banking stocks were seen trading higher after the report that RBI cut repo rates by 25 Basis Points on Thursday.

The RBI Cut interest rates by 25 basis points to 7.75 per cent from 8 per cent. The country's central bank has left the CRR rate unchanged at 4 per cent.

Interest rate
ICICI Bank: Quotes, News
BSE 1250.80BSE Quote39.15 (-3.13%)
NSE 1250.10NSE Quote39.2 (-3.14%)
State Bank of India: Quotes, News
BSE 1048.95BSE Quote20.55 (-1.96%)
NSE 1048.90NSE Quote20.9 (-1.99%)

Almost all of the other banking stocks including the PSU banking stocks were up between 3-5 per cent. Allahabad bank was up 5.41 per cent. Smaller private sector banks like South Indian Bank and Lakshmi Vilas Bank were also seen trading higher.

Banking stocks such as ICICI Bank was up 4 per cent, SBI rose 4.53 per cent and Bank of Baroda surged 4 per cent.

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