Banking shares have started the day on a bullish note on the back of a surprise 25 basis repo rate cut by the Reserve Bank of India.
The Central Bank this morning announced a surprise rate cut, ahead of its scheduled policy review meet on February 3, 2015, following the recent positive macro-economic data in the form of controlled CPI and WPI inflation numbers, and a stronger IIP.
The Bank Nifty zoomed to a fresh all-time high at 19,410, and is now up 3 per cent at 19,161.
Punjab National Bank has rallied 4.5 per cent to Rs. 212. Bank of India, ICICI Bank and SBI have surged around 4 per cent each to Rs. 303, Rs. 350 and Rs. 317, respectively.
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