The RBI announced the cut in its benchmark interest rate or repo rate, slashing the rate by 25 basis points. This has brought the overall interest rate down to 6.25 per cent, from its previous 6.50 per cent.
This has elicted some response from the equity markets. The benchmark index of Nifty Bank oscillated between red and green.
At the time of writing, as per the NSE, the Nifty Bank index slumped to 50,353.35, declining marginally by 28.75 points or 0.06 per cent.
AU Small Finance Bank Ltd
When we look at some of its constituents, AU Bank was the biggest gainer. The bank’s shares rose to the Rs 600 mark.
This meant an increase of 2.47 per cent or Rs 14.50, taking the overall value of the AU bank index to Rs 600.75.
Indusind Bank Ltd
IndusInd bank, another private lender was on top, with gains of over 1 per cent.
At the time of writing, the shares of the bank rose by 1.74 per cent or Rs 18.55, this brought the price to Rs 1,084.10 per share.
Punjab National Bank
Punjab National Bank or PNB was one of the few gainers in the PSB segment.
The shares of the Delhi-based bank rose by 0.42 per cent or Rs 0.42, as the overall value of the company shares increased to Rs 100.14.
State Bank of India
When it comes to losers, the largest bank in the country, State Bank of India or SBI declined in red.
The bank’s shares rose by 0.88 per cent or Rs 6.65. The Mumbai-based bank rose to Rs 745.60 per share.
ICICI Bank Ltd
Another major lender, ICICI Bank saw its shares dip as well. The Mumbai-based company saw its shares dip to Rs 1,264.10.
This happened after a decline of 0.65 per cent or Rs 8.30.
Bank of Baroda Ltd
Another PSB, Bank of Baroda saw its shares slump to 218.15.
This came to pass after the Vadodara-based bank saw its overall value dip by Rs 1.56 or 0.71 per cent.
