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Published on 27/03/2020 9:37:09 AM | Source: Reuters

Indian stocks back in the red despite RBI rate cut

Posted in Stock Market| #Sensex #Stock Market #NSE #BSE #Nifty

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By Chandini Monnappa

BENGALURU  - Indian shares inched back from session highs to fall 1% on Friday even though the country's central bank unleashed an array of measures to help cope with the economic fallout from the coronavirus pandemic.

The Reserve Bank of India on Friday joined other central banks across the world to slash interest rates in order to help support the economy.

The Nifty was down 1.06% at 8,548.60 by 0548 GMT while Sensex fell 1.76% to 29,416.12.

"Market is still not sure how long the problem will sustain as there is a standstill in the economy, said Saurabh Jain, assistant vice president research, SMC Global Securities.

"There is no certainty on how long the problem will persist and its repercussions will be there."

Both the NSE Nifty 50 index and S&P BSE Sensex began to pare gains as the RBI governor addressed the media.

Earlier in the session both indexes rose nearly 4%.

In Mumbai's main stock indexes, financial stocks gave up most of the day's gains. The NSE Bank index which had surged nearly 8% was last up 0.8%.

Shares of Yes Bank Ltd which soared 10% in early trade was last up 2%.

The government on Thursday announced a $22.6 billion stimulus plan that provides direct cash transfers and food security measures.

In India, the death toll from the pandemic rose by six to 16 on Thursday.

 

(Reporting by Chandini Monnappa in Bengaluru; Editing by Shailesh Kuber and Shounak Dasgupta)