Nifty PSU Bank outperforms by over 2% ahead of RBI policy meet; Canara Bank, BoB in the fast lane

A final announcement will be made on December 04, 2020, by the MPC.

Dec 01, 2020 07:12 IST India Infoline News Service

Bull Market
Ahead of the RBI policy meet, PSU banks were in the fast lane on Tuesday's trading session. At around 12.35 pm, Nifty PSU Bank was trading at 1,594.50 up 36.10 points or 2.32%. The index has gained to an intraday high of 1,603.10.

On the index, Canara Bank and Bank of Baroda were the top performers, surging between 4-5%. While Union Bank gained by nearly 4%.

Bank of Maharashtra, Central Bank of India and Bank of India soared between 2.5-3%.

While a 2% jump each was witnessed in Indian Bank and PNB, followed by a 1% spurt each in UCO Bank and J&K Bank. SBI stock, however, gained marginally up.

On the other hand, Indian Overseas Bank was the only top underperformer, down nearly 1% on the index.

RBI governor Shaktikant Das and monetary policy committee (MPC) members will begin their December 2020 policy meeting from tomorrow onwards. A final announcement will be made on December 04, 2020, by the MPC.

In the previous policy, RBI kept the policy repo rate unchanged at 4%. Similarly, the reverse repo rate under the LAF remains unchanged at 3.35 %. While the marginal standing facility (MSF) rate and the Bank Rate at 4.25%.

The central bank has also kept the monetary policy stance to accommodative.

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