PSU banks gain after rate cut by RBI
updated on 5 Oct 2016
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Shares of public sector undertaking (PSU) banks were trading higher by up to 7% erasing their intra-day losses after the Reserve Bank of India (RBI) cuts repo rate by 25 basis points (bps) to 6.25%.
At 02:59 pm, Nifty PSU Bank index, the largest gainer among sectoral indices was up 1.5% as compared to 0.39% rise in Nifty Bank index and 0.30% gain in the benchmark Nifty 50 index.
Nifty PSU Bank index was trading at 3,237, bouncing back 2.2% from its intra-day low of 3,165. It hit high of 3,252.90 post RBI policy.
State Bank of India (SBI), Canara Bank, Union Bank of India, Bank of India (BOI), Oriental Bank of Commerce, Syndicate Bank, Punjab National Bank (PNB), Andhra Bank, Allahabad Bank and IDBI Bank were up between 1% and 7%.