Nifty PSU Bank Down By 2% Post RBI Rate Cut

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The Nifty PSU Bank was trading down nearly 2% during the early morning trade on the NSE as an immediate effect of the RBI rate cut.The Reserve Bank of India (RBI) on Wednesday has cut repo rate by 25 bps to 6% and asked the banks to pass on the benefits to consumers.Nifty PSU Bank was trading at 3,593 level, down by 65.85 points or 1.80%. There were no advances on the Nifty PSU Bank index, while Union Bank of India was the top loser and was trading down by 3.87% at Rs 144.25 per share as at 1035 hours on Thursday, on the NSE.

Among others, PNB was trading down by 3.43% at Rs 153.50 per share, BOI was trading down by 3.50% at Rs 155.90 per share, Oriental Bank of Commerce was trading down by 3.02% at Rs 139.60 per share, Syndicate Bank was trading down by 2.81% at Rs 70.85 per share.Allahabad Bank, Canara Bank, IDBI Bank, Andhra Bank, SBI, Bank of Baroda were also trading in the red territory. 

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