PNB, Kotak Mahindra Bank, other bank stocks rise up to 2% after RBI’s rate hike, Nifty Bank above 55,500

Bank stocks including Kotak Mahindra Bank, PNB, Union Bank and Canara Bank gained up to 2% after the RBI rose on Monday after the repo rate by 25 basis points to 5.50%. The Nifty Bank index rose as investors assessed the impact of the rate hike and the RBI’s shift to calibrated tightening.