Mumbai: The banking shares were reeling under selling pressure after the Reserve Bank of India (RBI) raised repo rate by 25 bps while keeping cash reserve ratio (CRR) rate unchanged. Meanwhile, the adjusted reverse repo now stands at 7.5 per cent.
The RBI has revised its fiscal year 2012 GDP growth projection downwards to 7.6 per cent. However, it has kept its March-end inflation projection unchanged at 7 per cent.
The RBI will deregulate savings bank interest rates with immediate effect. Savings bank account rate will be linked with the policy rate at which the central bank lends short-term funds to commercial banks.
Accordingly, each bank will offer uniform rate on savings bank upto Rs 1 lakh. Banks may provide differential rates on savings bank over Rs 1 lakh.
The BSE banking index was down 2.14 per cent at 10,815.72.
Axis Bank touched an intraday high of Rs 1,194 and an intraday low of Rs 1,128.40. At 11:26 hrs the share was quoting at Rs 1,130, down Rs 38.70, or 3.31 per cent. It was trading with volumes of 192,125 shares.
State Bank of India (SBI) touched an intraday high of Rs 1,960 and an intraday low of Rs 1,862.10. At 11:26 hrs the share was quoting at Rs 1,864.00, down Rs 43.55, or 2.28 per cent. It was trading with volumes of 618,486 shares.
Punjab National Bank touched an intraday high of Rs 980 and an intraday low of Rs 943. At 11:25 hrs the share was quoting at Rs 946.00, down Rs 24.90, or 2.56 per cent. It was trading with volumes of 25,332 shares.
Bank Of Baroda touched an intraday high of Rs 735.60 and an intraday low of Rs 703.75. At 11:25 hrs the share was quoting at Rs 711.65, down Rs 24.60, or 3.34 per cent. It was trading with volumes of 50,026 shares.
ICICI Bank touched an intraday high of Rs 892 and an intraday low of Rs 861.35. At 11:25 hrs the share was quoting at Rs 866.00, down Rs 3.30, or 0.38 per cent. It was trading with volumes of 257,304 shares.
HDFC Bank touched an intraday high of Rs 491 and an intraday low of Rs 461.40. At 11:25 hrs the share was quoting at Rs 462.70, down Rs 21.40, or 4.42 per cent. It was trading with volumes of 143,599 shares.
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