Free Press Journal

Bank stocks face selling pressure ahead of RBI policy



Mumbai: Bank stocks today witnessed selling pressure, falling by up to 6 per cent, ahead of the Reserve Bank’s monetary policy meeting tomorrow. Shares of ICICI Bank plunged 5.63 per cent to Rs 217.15, the most among the 30 bluechips of the Sensex.

State Bank of India lost 3.92 per cent, Bank of Baroda was down by 2.82 per cent, Axis Bank slipped by 2.17 per cent and Punjab National Bank fell by 1.15 per cent on BSE.

Led by the losses in these scrips, the BSE bank index declined by 1.40 per cent to end at 17,356.96. “Despite positive macroeconomic developments, participants failed to muster much cheer and continued to await the outcome of RBI’s monetary policy meet scheduled for tomorrow,” said Shreyash Devalkar, Fund Manager – Equities, BNP Paribas MF.

Weakness in banking stocks also put pressure on broader market where the benchmark BSE Sensex fell by 45.86 points to end at 24,824.83.