Bank nifty trend: Banking Index Bank Nifty achieved a new alltime high on Monday, June 9, retaining its last day’s boom. The Nifty reached 57,000 levels for the first time today. The Reserve Bank of India has promoted a huge reduction of 50 basis points in the repo rate and CRR cuts have promoted a boom spirit. Both PSU bank and Pright Bank are trading rapidly.
The MPC Committee of the Reserve Bank of India cut interest rates on Friday, June 6, more than 50 basis points. During the April meeting, RBI MPC cut the repo rate by 25 basis points to 6 percent. Now with a cut of 50 basis points, the repo rate has increased to 5.5 percent.
In addition, banking shares have been further supported by the RBI’s reduction of 100 basis points in CRR (Cash Reserve Ratio). CRR will be cut in four installments of 25 basis points. It will start from 6 September, 4 October, 1 November and 29 November this year.
Around 10.30 am, the bank Nifty index was trading at 56,982.55 with a gain of 0.71 percent or 404 points. The index is slightly below the level of 57,000. Today’s high day is 57,049.50. Kotak Mahindra Bank, Canara Bank and IDFC First Bank were among the fastest fastest shares in the banking index. There is a gain of 1.5-2.5 percent in these.
Stock Market Today: These news will be seen on the market today, take a look at them before taking any trade
The Nifty Private Bank Index reached 28,067.95 with an increase of 80 basis points, with RBL Bank, Kotak Mahindra Bank and Bandhan Bank top gainer. The Nifty PSU Bank Index laid the lead of sectoral gainers. The Yeshuru session jumped up to 1.2 per cent. UCO Bank, Bank of Maharashtra and Indian Overseas Bank were among those counters who have achieved the most. These shares have increased between 3-4 percent.
Japanese brokerage firm nomura Says the CRR cuts are expected to get some support from the margin. It is expected that the recent action of RBI will see good credit growth with the increase in cash in the system. Brokerage hopes that CRR cuts will benefit medium -sized banks, such as IndusInd Banks, AU Small Finance Bank and Federal Bank and big banks facing credit growth problems, such as Axis Bank and HDFC Bank.