** Shares of New York Community Bancorp turn positive, last up 1% after U.S. Federal Reserve cuts its benchmark interest rate by 50 bps

** Stock set for sixth consecutive session of gains, if current levels hold

** Raymond James upgraded NYCB's stock earlier this week, citing the favorable impact to its loan book from lower rates

** NYCB's borrowers have been under pressure from higher rates, prompting it to conserve capital and set aside bigger provisions for loan losses

** Stock has lost 60% of its value YTD, as of Tuesday

(Reporting by Niket Nishant in Bengaluru)

((Niket.Nishant@thomsonreuters.com))