After the RBI announced a huge 75 bps cut on the repo rate to 4.4% to spur liquidity in the economy and calm the stock market, the Nifty Bank outperformed all other indices, and gained up to 7% in intra-day trade so far. Though, the benchmark indices were off their day's high.
Today's press conference by the RBI which though maintained accomodotive stance comes a day after the government announced stimulus worth Rs. 1.7 lakh crore to tackle COVID 19 outbreak.
Among the top gainers were Axis Bank, IndusInd Bank, which gained between 9-11% each. Other banking stocks that gained include Yes Bank, IDFC First Bank, HDFC Bank, RBL Bank and Kotak Mahindra Bank.
In the PSU Banking pack, SBI gained the most by 6% followed by Union Bank, Indian Bank, PNB, Canara Bank.