India bank stocks rebound as RBI hikes repo rate 25 basis points to 5.5% as expected
India's bank stocks recovered from early losses, rising as much as 0.3% after the Reserve Bank of India hiked its repo rate by 25 basis points to 5.5% in line with expectations. The benchmark Nifty 50 index was down 0.4% ahead of the rate decision.
5%, as expected. The move was the central bank's first rate increase in nearly four years. 7% before the rate decision. Sunny Agrawal, head of fundamental equity research at SBICAPS Securities, said the hike was positive for banks with greater exposure to repo-linked loans and would also help them expand NIM and mobilise deposits.
4%.