Banking Stocks spurt on surprise rate cut by RBI Governor

S&P BSE Bankex shares rose across the board, after the central bank in a surprise move cut interest rates today, January 15, 2015.

Reserve Bank of India Governor Raghuram Rajan took markets and corporate India by surprise early Thursday morning when he announced a long-awaited cut in the repo rate by 25 basis points to 7.75% with immediate effect. One basis point is one-hundredth of a percentage point.

On the BSE at 10.33 am, Union Bank up 3.82%, Yes Bank up 3.81%, ICICI Bank up 3.69%, SBI up 3.36%, Canara Bank up 3.34%, BoI up 2.94%, Axis Bank up 2.74%, PNB up 2.66%, HDFC Bank up 2.12%, BoB up 1.82%, IndusInd Bank up 1.68%, Federal Bank up 1.68%, Kotak Bank up 1.31%.

Bank Nifty hit a record high of 19,410. The benchmark CNX Nifty was up 1.66% at 8416.75 points.

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