HDFC Bank, ICICI Bank, SBI, RBL Bank, Axis Bank and Punjab National Bank slipped nearly 1 per cent each
The rate-sensitive banking shares slipped around a per cent each in a subdued market after the Reserve Bank of India (RBI) maintained status quo on interest rates during the bi-monthly monetary policy decision. Banking shares such as HDFC Bank, ICICI Bank, SBI, RBL Bank, Axis Bank and Punjab National Bank slipped nearly 1 per cent each on the BSE.
The RBI kept the repo rates – the key interest rates at which it lends money to commercial banks – steady at four per cent and reverse repo rate – the rate at which RBI borrows money from banks, unchanged at 3.35 per cent, the RBI Governor Shaktikanta Das said at the end of the three-day Monetary Policy Committee (MPC) meeting that started on Wednesday.
However, the RBI trimmed the real GDP growth projection for financial year 2022 to 9.5 per cent from 10.5 per cent estimated earlier; this downward revision may have dented sentiment around the banking counters.
The BSE Sensex was trading at 52,171.45, lower by 59.85 points or 0.11 per cent and the NSE Nifty was at 15,680.95, down 10 points a the time.