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Indian Indices Trade on a Volatile Note; RBI Cuts Repo Rate by 40 bps
Fri, 22 May 10:30 am | Monish Vora, TM Team

Share markets in India have extended early losses and are presently trading on a volatile note.

Benchmark indices edged lower today even after the Reserve Bank of India (RBI) slashed repo rate by 40 basis points (bps) to 4% and maintained the stance 'accommodative'.

Consequently, reverse repo rate now stands at 3.35% from 3.75% earlier.

Selling pressure is also seen as RBI Governor Shaktikanta Das said the GDP growth in FY21 is expected to be in negative territory.

The RBI also announced a three-month moratorium for all term loan repayments between March 1 and May 31.

In March, the RBI governor had announced several measures to ease liquidity pressure in the banking system and to boost the economy from the coronavirus shock, including a sharp 75 basis points rate cut in March.

The BSE Sensex is trading down by 394 points, down 1.1%, while the NSE Nifty is trading down by 112 points.

Shares of HDFC and ICICI Bank fell over 4%, while Axis Bank, Bajaj Finance, and Tata Steel are trading down by 3%.

Barring IT stocks, all sectoral indices are trading in red with stocks in the banking sector, metal sector, and finance sector witnessing most of the selling pressure.

More details to follow in the upcoming commentary.

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