Banking Stocks Surge After RBI Rate Cut

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    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.

    Banking Stocks Surge After RBI Rate Cut
    ICICI Bank: Quotes, News
    BSE 373.35BSE Quote1.75 (-0.47%)
    NSE 374.60NSE Quote0.7 (-0.19%)
    State Bank of India: Quotes, News
    BSE 297.35BSE Quote5.4 (-1.82%)
    NSE 297.40NSE Quote5.75 (-1.93%)

    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.

    Read more about: banking rbi rate cut repo rate
    Story first published: Thursday, January 15, 2015, 12:52 [IST]
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