Banking Stocks: Tremendous Surge in Banking Stocks After RBI Repo Rate Cut, See the Latest Share Market Update

Banking Stocks: Due to the Reserve Bank of India’s repo rate cut, a significant surge was seen in the banking sector as soon as the share market opened today. A sharp rise was observed in the share prices of nearly 12 public sector unit banks. The Nifty Private Bank Index is mostly trading in the green. Out of 10 banks, 9 have seen a surge in their stocks. This surge is due to the repo rate cut announced by the Reserve Bank of India. Almost all shares in the financial market have also seen a surge.

Surge in PSU Bank Share Prices

As soon as the market opened on Monday, the share prices of public sector unit banks rose rapidly. UCO Bank’s share price saw a 4.3% surge, reaching ₹34.30. After that, Indian Overseas Bank’s share price saw a 3.81% surge, trading at ₹41.14.

Punjab and Sind Bank’s share price saw a 2.96% surge, while Bank of Maharashtra saw a 2.93% surge. Bank of India’s share prices also rose by 2.74%, trading at ₹128.

Central Bank of India’s share prices are trading with a 2.28% surge. Apart from this, Canara Bank saw a 2.57% surge, Union Bank 2.26%, Indian Bank 1.73%, and Punjab National Bank 2%, moving rapidly forward in the share market. A surge was also seen in the share prices of Bank of Baroda and State Bank of India.

Private Bank Share Prices Also Rise

Private banks also saw significant surges in the share market on Monday. RBL Bank is moving forward with the highest surge, with about 5% growth seen today. Bandhan Bank saw a 4.6% surge, while Kotak Mahindra Bank saw a 2.79% growth. Axis Bank, IDFC First Bank, IndusInd Bank, Federal Bank, YES Bank, and HDFC Bank are all trading in the green.

Disclaimer: The information we have provided here is based on observing the share market. The share prices may differ at the time you read this news. Before investing in the share market, definitely consult your financial advisor. We are not providing any kind of investment advice here.