Banking stocks went down before the release of RBI’s monetary policy statement

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Stocks of most of the public sector as well as private sector banks were reportedly trading low in the first half of Wednesday, before the release of Reserve Bank of India’s (RBI) monetary policy statement.

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The NSE was trading low at 10,085.3 down by 32.95 points

The monetary policy committee (MPC) of the Apex bank announced the fifth bimonthly monetary policy statement, in which it retained the repo rate at 6%, later in the day.

Stocks of State Bank of India on the National Stock Exchange (NSE) were down by 1.19%, ICICI Bank by 0.62%, Punjab National Bank by 0.51%, Canara Bank by 0.21% and HDFC by 0.46%.

However, a few banks including Federal Bank (up by 0.83%), Yes Bank (up by 0.13%), Kotak Mahindra (up by 0.16%) and Axis Bank (up by 0.06%), were found to be trading in green.

The NSE with a benchmark Nifty50 index was trading down 32.95 points at 10,085.3 with more than 30 banking stocks trading in red.

The Bombay Stock Exchange (BSE) trading at 32,722.3 was also down by 80.14 points with the majority of banking shares trading in red.

Read more RBI news here.

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