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Nifty Bank surged to its day's high after the RBI Governor Sanjay Malhotra maintained the repo rate at 5.5% and retained the stance at 'neutral.' The index rose as much as 0.78% to levels above 55,000.

The gains of the index was supported by gains in counters like Kotak Mahindra Bank and ICICI Bank, that gained over 1%. Other names in green included, HDFC Bank, Axis Bank and AU Small Finance Bank.

The names dragging the index was IDFC First Bank, IndusInd Bank and SBI. The Nifty PSU Bank had slipped into red ahead of the MPC and continued to trade with losses after the decision.

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