Banking stocks rally as RBI delivers surprise rate and CRR cuts; Nifty Bank jumps 1.6%, Nifty Fin Services surges 2%
Shares of banking and financial services companies soared on Friday after the Reserve Bank of India (RBI) delivered a larger-than-expected 50 basis point (bps) cut in the benchmark repo rate and a surprise 100 bps reduction in the Cash Reserve Ratio (CRR). The Monetary Policy Committee’s (MPC) aggressive move, along with a shift in policy…