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Stock market update: Bank stocks mixed ahead of RBI policy meet outcome; SBI flat

Shares of IDFC Bank surged 3 per cent after RBI gave green signal to the merger of Capital First with the bank.

ETMarkets.com|
Updated: Jun 06, 2018, 10.14 AM IST
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Stock market update: Bank stocks mixed ahead of RBI policy meet outcome; SBI flat
Among the 50 stocks in the Nifty index, 36 were trading in the green, while 14 were in the red.
NEW DELHI: Bank stocks were trading mixed during morning trade on Wednesday ahead of RBI's policy meet outcome, due later in today.

Shares of IDFC Bank surged 3 per cent after RBI gave green signal to the merger of Capital First with the bank.

Clearing the decks for the merger of IDFC Bank and Capital First, the Reserve Bank of India has issued a no objection certificate to the deal.

Shares of Federal Bank (up 0.67 per cent), Kotak Mahindra Bank (up 0.34 per cent), YES Bank (up 0.30 per cent), Axis Bank (up 0.25 per cent), Bank of Baroda (up 0.23 per cent), Punjab National Bank (up 0.18 per cent) and RBL Bank (up 0.12 per cent) were also up with nominal gains.

However, shares of State Bank of India were almost flat.

The Nifty Bank was index was trading 0.04 per cent down at 26,240 around 10 am.

IndusInd Bank (down 0.35 per cent), ICICI Bank (down 0.25 per cent) and HDFC Bank (down 0.25 per cent) were in the red around the same time.

Benchmark NSE Nifty50 index was up 30 points at 10,623, while the BSE Sensex was up 99 points at 35,002.

Among the 50 stocks in the Nifty index, 36 were trading in the green, while 14 were in the red.

Tech Mahindra, Asian Paints, HPCL and Indian Oil Corporation were among the top losers in the Nifty index.
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