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Stock impact report

Sensex, Nifty surge as bank stocks rally on RBI boost [Reuters]

ICICI Bank Limited (IBN) 
Company Research Source: Reuters
Sensex, Nifty surge as bank stocks rally on RBI boost BENGALURU (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 Nifty closed 3.05% higher at 9,266.75, while the Sensex rose 3.22% to 31,588.60. Both the indexes fini Show less Read more
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