Fresh economic measures announced by the Reserve Bank of India, including interest rate cut, failed to enthuse investors on Friday as equity benchmark BSE Sensex tumbled 260 points. Banks and financial stocks dragged the market down after RBI cut the policy rates and extended loan moratorium period by 3 more months. In the Sensex pack, Axis Bank was the top laggard, plunging more than 5%, followed by HDFC, Bajaj Finance, ICICI Bank, Tata Steel, Bajaj Auto, HDFC Bank and IndusInd Bank. Axis Bank, HDFC, Bajaj Finserv, Bajaj Finance, Hindalco and ICICI Bank were among the top losers in the Nifty pack. In a surprise move on Friday, the RBI announced a Repo Rate cut of 40 bps to 4% and lowered the Reverse Repo Rate to 3.35% from 3.75%.
Source: dna May 22, 2020 12:33 UTC