Banks trade mixed post RBI policy; Nifty Bank, Nifty PSU Bank index down 1%

SBI, Bank of Baroda, Indian Bank, Allahabad Bank, Canara Bank, South Indian Bank, Federal Bank, Axis Bank, IDFC Bank, ICICI Bank, YES Bank and HDFC Bank were down in the range of 1% to 2% on the NSE.

Banking shares were trading mixed on the National Stock Exchange (NSE) after the Reserve Bank of India (RBI) raised its repo rate by 25 bps to 6.5%.

The policy comes amid rising inflation and a falling rupee. The widening current account deficit in an election year is also a key monitorable for the policymakers.

The banking shares indices Nifty Bank, Nifty PSU Bank and Nifty Private Bank were down 1% each as compared to 0.35% decline in the benchmark Nifty 50 index at 02:41 pm.

State Bank of India (SBI), Bank of Baroda, Indian Bank, Allahabad Bank