SBI, PNB shares jump up to 2%, banking stocks surge after RBI surprises with unexpected rate pause
时间:2024-09-29 04:35:56 阅读(143)
Banking stocks surged on Thursday after the Reserve Bank of India surprised markets by pausing a rate hike earlier than expected. RBI MPC decided not to hike the repo rate, keeping the key lending rate at 6.5%. Analysts had predicted a 25 bps hike as inflation hovers above the central bank’s target range of 2-6%. After the Governor Shaktikanta Das’ announcement, Bank Nifty rose 0.33% to 41,135.25, Nifty Financial Services climbed 0.42% to 18,449.10, Nifty PSU Bank skyrocketed 1.30% to 3,774.05 and Nifty Private Bank advanced 0.24% to 20,879.35. The NSE Nifty 50 surpassed the crucial 17580 level and Sensex surged 121 points. The top gainers on Bank Nifty were Punjab National Bank (PNB), State Bank of India (SBIN), IDFC First Bank, Bank of Baroda and IndusInd Bank.
“The RBI Governor’s announcement regarding the projection of inflation and GDP growth for FY24 shows a cautious approach towards the country’s economic recovery. The focus on the gradual and sustainable “withdrawal of accommodation” is essential for ensuring that the current growth momentum is maintained in the long run. The decision to maintain the repo rate unchanged is a positive sign for the banking and NBFC sectors, and it is expected to benefit other sectors such as real estate and infrastructure. However, the persistent inflation and global banking crisis remain areas of concern, and it is crucial to monitor the overall impact of the past rate hikes,” said Sonam Srivastava, Founder and CEO, Wright Research.
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