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Hot Pursuit
Banks stocks in action after RBI keeps key rates unchanged
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(11:10, 08 Dec 2023)
RBI's MPC at its meeting today, 8 December 2023, decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%. The standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

All members of the MPC unanimously voted to keep the policy repo rate unchanged. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

The real GDP growth for 2023-24 is projected at 7% with Q3 at 6.5%; and Q4 at 6%. Real GDP growth for Q1:2024-25 is projected at 6.7%; Q2 at 6.5%; and Q3 at 6.4%. The risks are evenly balanced.

CPI inflation is projected at 5.4% for 2023-24, with Q3 at 5.6%; and Q4 at 5.2%. Assuming a normal monsoon next year, CPI inflation for Q1:2024-25 is projected at 5.2%; Q2 at 4%; and Q3 at 4.7%. The risks are evenly balanced.

The minutes of the MPC?s meeting will be published on 22 December 2023. The next meeting of the MPC is scheduled during February 6-8, 2024.

Following the RBI announcement, the Nifty Bank index was up 0.54% to 47,096.00 while the benchmark Nifty 50 index was up 0.38% to 20,981.35.

HDFC Bank (up 1.21%), IDFC First Bank (up 1.14%), Bank Of Baroda (up 0.92%), Indusind Bank (up 0.74%), Kotak Mahindra Bank (up 0.23%), ICICI Bank (up 0.18%), Federal Bank (up 0.16%), SBI (up 0.12%) and PNB (up 0.12%) advanced.

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