NEW DELHI: In line with PSU peers, most private bank stocks too were suffering losses in Thursday's trade, a day after the RBI hiked repo rate for the second time in two months.The Nifty Private Bank index was trading 0.76 per cent down at 15,390 around 11:10 am.
Kotak Mahindra Bank (down 1.38 per cent), YES Bank (down 1.27 per cent), Axis Bank (down 0.85 per cent), HDFC Bank (down 0.82 per cent) and ICICI Bank (down 0.79 per cent) were the top losers in the private bank index.RBL Bank (down 0.76 per cent), Federal Bank (down 0.74 per cent) and IDFC Bank (down 0.51 per cent) fell over half-a-percent.Meanwhile, South Indian Bank (up 2.52 per cent) and IndusInd Bank (up 0.87 per cent) were trading with gains.Market sentiment was bearish on heavy selling in metal, auto, banking, IT and financial stocks amid capital outflows by foreign funds after the RBI yesterday hiked repo rate for the second time in two months.Reliance Industries, HDFC twins, Kotak Mahindra Bank and Maruti Suzuki were reeling under pressure.Global cues too were weak on renewed US-China trade war concerns.Benchmark NSE Nifty50 index was down 67 points at 11,280, while the BSE Sensex was 226 points down at 37,295.
Among the 50 stocks in the Nifty index, 18 were trading in the green, while 32 were in the red.
Vedanta, Mahindra Mahindra and HCL Technologies were among the top losers in the Nifty index.