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RBI monetary policy: Banking stocks fall ahead of decision on key rates today

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The banking sector stocks entered negative territory ahead of RBI monetary policy decision on repo rate today. BSE Bankex which constitutes 10 key banking stocks from the BSE 500 was trading 114 points or 0.40 percent lower at 28,345 level. While Federal Bank (0.83 percent), Kotak Mahindra Bank (0.21 percent), YES Bank (0.28 percent) and Axis Bank (0.03 percent) were the sole gainers, SBI, HDFC Bank, ICICI Bank lost up to 1.32 percent ahead of the RBI policy rate decision.Bank Nifty was down 100 points to 25,025 level with SBI (1.24 percent), Punjab National Bank (0.60 percent), HDFC Bank (0.49 percent) and ICICI Bank (0.61 percent) among top losers. The Reserve Bank of India (RBI) looks set to keep its policy rate on hold, after inflation accelerated to a seven-month high and stronger economic growth reduced the need for monetary stimulus.Some bankers and economists are also expecting status quo on repo rate citing factors ranging from inflation to rising crude oil prices to Federal Reserve’s rate cut.Meanwhile, the Sensex and Nifty were trading 78 points and 33 points lower to 32,723 and 10,084 levels, respectively.

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