Banks stocks slide after RBI maintains status quo

8 Apr 2022 , 10:26 AM

The Nifty Bank index was down 0.20% at 37,480.90. Meanwhile, the Nifty 50 index was down 0.15% at 17,613.90.

HDFC Bank (down 0.87%), SBI (down 0.31%), Bank of Baroda (down 0.30%), IDFC First Bank (down 0.24%), ICICI Bank (down 0.17%) and Kotak Mahindra Bank (down 0.13%) declined.

RBI kept repo rate unchanged at 4%. Reverse repo rate stands at 3.35%. The Marginal Standing Facility (MSF) rate is at 4.25%

The MPC has voted unanimously to maintain accommodative stance.

For FY23, real GDP growth is projected at 7.2% (down from 7.8% estimated in the previous policy) and CPI inflation is seen averaging 5.7% (up from 4.5% estimated in the previous policy).

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