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Home > Business > Management > Banking shares surge on RBI rate cut expectations
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Banking shares surge on RBI rate cut expectations
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UMBAI:
Banking shares were the frontrunners in Monday's rally, on expectations of a
rate cut by the Reserve Bank of India in its monetary policy review on
Tuesday.
At 11:10 am, the BSE
Bankex surged 4.24 per cent with HDFC Bank, ICICI Bank and Union Bank posting
smart gains.
HDFC Bank climbed
5.73 per cent to Rs 1,634.60, ICICI Bank added 4.95 per cent to Rs 1,243.10, Yes
Bank was up 3.7 per cent at Rs 221.50, Allahabad Bank gained 3.51 per cent to Rs
103.10 and Union Bank rose 2.78 per cent to Rs
166.55.
"RBI will spring a
surprise and reduce interest rate by half a per cent. We have started ignoring
the US, as a rate cut by the Fed is not expected. The upward bias in the
domestic market will remain," said Amit Dalal, managing director of Amit Nalin
Securities.
Dalal added that in
case of an RBI rate cut, banking shares and other interest sensitive sectors
will do better.
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