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Banking stocks recover after credit policy announced

Banking stocks recover after credit policy announced
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First Published: Tue, Jul 31 2007. 02 21 PM IST
Updated: Tue, Jul 31 2007. 02 21 PM IST
PTI
Mumbai: The banking segment stocks recovered from early losses on the Bombay Stock Exchange at mid-session on 31July, as the Reserve Bank of India kept lending and borrowing interest rates unchanged in its credit policy.
The banking index, which was down by 130.10 points at early stage, rebounded to trade 123.56 points higher at 8,178.70 points at 1300 hours, when the benchmark Sensex was higher by 98.11 points at 15,359.02.
The Reserve Bank today hiked the Cash Reserve Ratio (CRR) by 0.5% to 7% to suck out excess liquidity, but left other benchmark interest rates unchanged.
CRR refers to the amount of depositors’ money which commercial banks need to park with the central bank
The rally in banking sector was led by state-run lenders like State Bank of India, Punjab National Bank and Bank of India.
SBI gained Rs 87 at Rs 1,587, while PNB was up by Rs 8.15 at Rs 509 and BOI by Rs 2 at Rs 256.
Private lender ICICI Bank rose by Rs 9.25 to Rs 923.50, HDFC Bank by Rs 8.30 to Rs 1,175 and UTI Bank by Rs 16.25 to Rs 625.
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First Published: Tue, Jul 31 2007. 02 21 PM IST