Indian shares surge as bank stocks rally on RBI boost [Reuters]
ICICI Bank Limited (IBN)
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Source: Reuters
Indian shares surge as bank stocks rally on RBI boost BENGALURU, April 17 (Reuters) - Indian shares closed over 3% higher on Friday as bank stocks rallied after the country’s central bank cut a key interest rate to ease financial stress stemming from the world’s biggest nationwide lockdown. The Reserve Bank of India cut its reverse repo rate by 25 basis points (bps) in a bid to push banks to lend more, just two weeks after its dramatic 90-bps cut. Already reeling from a slowdown in economic growth, India earlier this week extended its lockdown to curb the spread of the coronavirus that has shuttered thousands of businesses and sparked wild swings in financial markets. The virus has infected over 13,300 in the country and 437 have died, according to government data. Some analysts said markets were pricing in the possibility of a staggered relaxation of the nationwide lockdown post April 20. The NSE Nifty 50 index closed 3.05% higher at 9,266.75, while the benchmark S&P BSE Sensex rose
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