Banking shares trading lower by up to 4% erasing their entire early morning gains on the bourses. Bank of Baroda, Bank of India, Axis Bank, Federal Bank, IndusInd Bank, State Bank of India and Punjab National Bank are down 2-4%, falling between 5-10% from their respective intra-day high on National Stock Exchange (NSE). At 1513 hours, Bank Nifty was down 1.55% or 309 points at 19,652 compared with 0.88% fall in the benchmark CNX Nifty. It hit a low of 19,619 has fallen 923 points from its intra-day high of 20,542 that seen in opening trade. The banking index opened 581 points higher against its Tuesday's close of 19,961, after the Reserve Bank of India (RBI) cut the repo rate by 25 bps to 7.5% today.
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