Stock Market Strategy - Bank Nifty Jumps to 55,300 as RBI Holds Repo Rate at 5.5% – Kotak, ICICI, HDFC Bank Lead the Rally
The Bank Nifty reclaimed 55,000 mark on October 1 after the Reserve Bank of India kept the interest rate unchanged at 5.5 percent for the second consecutive time and the lender also proposed a raft of changes for bank lending. The sharp rally was led by Kotak Mahindra Bank, ICICI Bank and HDFC Bank, rising up to 3 percent intraday.
At 11:55 am on October 1, Bank Nifty was trading over 650 pts higher at 55,300.
Announcing the fourth bi-monthly monetary policy of the current fiscal, RBI Governor Sanjay Malhotra said the Monetary Policy Committee (MPC) unanimously decided to keep the short-term lending rate or repo rate unchanged at 5.5 percent with a neutral stance.
>>>Get advanced Stock Cash Tips & Strategy - SIGN UP Now!
RBI has proposed to expand scope of capital market lending by banks to provide enabling framework to finance acquisitions.
RBI also proposed greater flexibility to banks for opening and maintaining accounts of borrowers.
RBI also proposed to remove regulatory ceiling on lending against listed securities.
Nifty Financial services index also rose over 1% on October 1.
Level up your investing game. Get an advanced Stock Market Strategy. Register now - www.intensifyresearch.com or call -9111777433
Investment in the securities market is subject to market risks.
