Banking Stocks Rally After RBI's Repo Rate Cut To 4.4%; Nifty Bank Gains 7%

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.

Banking Stocks Rally After RBI's Repo Rate Cut To 4.4%

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.

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