Bank Nifty falls as central bank raises borrowing targethttps://indianexpress.com/article/news-archive/web/bank-nifty-falls-as-central-bank-raises-borrowing-target/

Bank Nifty falls as central bank raises borrowing target

At 1 p:m,Bank Nifty was down 0.28 per cent at 7947 after falling over 1 per cent.

Bank Nifty fell after the federal government said late Friday it will overshoot its fiscal year borrowing target by 400 billion rupees as cash availability in the system will reduce raising cost of funds and bond portfolios of banks will have negative impact as yields rise,three dealers said.

The central bank also announced a larger-than-expected government borrowing plan through short-dated paper for the January-March quarter.

At 1 p:m,Bank Nifty was down 0.28 per cent at 7947 after falling over 1 per cent.