Banks stocks advance after RBI maintains status quo

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The Reserve Bank of India (RBI) kept the policy repo rate unchanged at 4% while maintaining its accommodative stance after the conclusion of the Monetary Policy Committee (MPC) meeting today, 7 April

The Nifty Bank index was up 0.81% at 32,763.70. Meanwhile, the Nifty 50 index was up 0.68% at 14,782.75. Among the private sector banks, IDFC First Bank (up 1.27%), IndusInd Bank (up 1.22%), Bandhan Bank (up 0.96%), RBL Bank (up 0.87%), Kotak Mahindra Bank (up 0.33%) and Federal Bank (up 0.2%) were top gainers in private sector segment.

Among the public sector banks, Union Bank of India (up 3.69%), Central Bank of India (up 3.07%), Bank of Maharashtra (up 1.9%), Bank of India (up 1.8%), J&K Bank (up 1.55%), Canara Bank (up 1.49%), Indian Overseas Bank (up 1.25%), SBI (up 1.17%), Indian Bank (up 1.05%) and Bank of Baroda (up 1.03%) were top gainers in PSU bank space.

RBI Governor says the central bank will remain accommodative as long as necessary to sustain growth on a durable basis. GDP growth is projected at 10.5% in Financial Year 2021-22. Inflation is projected at 5% in Q4 of FY 2021; 5.2% in first half of FY2022; down to 4.4% in Q3 and 5.1% in Q4.

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