Thursday, 2 August 2018

Nifty Bank index settles in the red as RBI hikes repo rate

IDEAL STOCK: A majority of bank stocks settled in the negative territory on Wednesday after the monetary policy committee (MPC) of the Reserve Bank on Wednesday hiked repo rate by 25 basis points to 6.50 per cent in its third bi-monthly monetary policy review of 2018-19. 
The Nifty Bank index settled 0.60 per cent down at 27,597, with Bank of Baroda (BoB) (down 3.52 per cent) and ICICI Bank (down 2.38 per cent) as the top losers. 
Federal Bank (down 1.91 per cent), IDFC Bank (down 1.75 per cent), Axis Bank (down 1.47 per cent), HDFC Bank (down 1.18 per cent), RBL Bank (down 1.17 per cent) and YES Bank (down 1.06 per cent) also suffered losses. 
However, Punjab National BankNSE 2.70 % (up 1.18 per cent), State Bank of India (up 0.27 per cent), Kotak Mahindra Bank (up 0.14 per cent) and IndusInd Bank (up 0.24 per cent) managed to go home with gains. 
The market barometer Sensex fell about 85 points, or 0.23 per cent, on Wednesday, snapping eight straight sessions of record-setting gains. 
Bank, financial, metal and auto stocks, including HDFC twins, ICICI Bank, Maruti and Vedanta proved to be major drags on the benchmark index today. 
The index settled at 37,522, with 13 stocks in the green and 18 in the red. 
The NSE Nifty slipped 10 points, or 0.09 per cent, settling at 11,346, with 26 stocks in the green and 24 stocks in the red.

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