Sensex, Nifty off day’s low after RBI rate cut announcements – business news

Domestic equity markets dropped over 1% on Friday after Reserve Bank of India (RBI) governor Shaktikanta Das said repo rate has been slashed by 40 basis points (bps) to 4% and that reverse repo rate now stands at 3.35% from 3.75%.

Das also said the GDP growth in FY21 is expected to be in negative territory.

At 11:21am, Sensex was down 264.02 points or 0.85% at 30,668.88 and Nifty was down 0.83% or 75.75 at 9,030.50.

Out of the 30 shares on Sensex, only seven were in the green.

The Nifty sectoral indices were largely in the red and were led by Nifty Pvt Bank and Nifty Financial Services indexes, which were both down by over 2% each.

Infosys gained 3.03% after the class action lawsuit filed against the company in the US was dismissed.

Reliance Industries earlier gained 1% after the conglomerate said that KKR would invest Rs 11,367 crore into Jio Platforms for 2.32 per cent equity stake.

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