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Share market update: Axis Bank, Kotak Mahindra Bank drag Nifty Private Bank index down

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NEW DELHI: Losses in IDFC Bank (down 2.30 per cent), Axis Bank (down 1.41 per cent) and Kotak Mahindra Bank (down 1.19 per cent) were keeping Nifty Private Bank index down in morning trade on Tuesday.

The Nifty Private Bank index was trading 0.47 per cent down at 15,593 around 10:40 am.

Shares of HDFC Bank (down 0.53 per cent), ICICI Bank (down 0.31 per cent), Federal Bank (down 0.11 per cent) and YES Bank (down 0.09 per cent) were also subdued.

However, RBL Bank (up 1.13 per cent), South Indian Bank (up 0.82 per cent) and IndusInd Bank (up 0.30 per cent) were trading with gains.

Indian equity market was in the negative territory tracking weak global cues.

Investors held back their bets as RBI's monetary policy meeting gets under way. RBI Governor Urjit Patel-headed Monetary Policy Committee (MPC) is expected to announce its decision on the key policy rates on Wednesday.

Global stocks fell as investors awaited critical monetary policy decisions this week. The Federal Reserve's Federal Open Market Committee too will announce its decision on Wednesday.

Benchmark NSE Nifty50 index was down 49 points at 11,270, while the BSE Sensex was 188 points down at 37,307.

Among the 50 stocks in the Nifty index, 22 were trading in the green, while 28 were in the red.

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