Rate cut fails to hold up markets; Sensex dips 1,310 Points

MUMBAI: Equity market ended Friday’s highly volatile session on a subdued note even as the Reserve Bank of India (RBI), in an emergency move, slashed the repo rate by a huge 75 basis points (bps) to arrest the potential downturn in the economy due to coronavirus (Covid-19) pandemic. In addition, the RBI imposed a moratorium on principal and interest payments for three months and told banks and non-banking finance companies that that non-payment won’t be considered as non-performing assets.

The S&P BSE Sensex closed at 29,816, down 131 points or 0.44 per cent, with Axis Bank (up 5 per cent) being the top gainer and Bajaj Finance (down 9 per cent) the worst performer. Besides Bajaj Finance, stocks that contributed the most to the Sensex’s fall were Bharti Airtel (down 6 per cent), HUL (down 3 per cent), and HDFC Bank (down 1 per cent).

NSE’s frontline index Nifty50 ended at 8,660, up 19 points or 0.22 per cent.

On a weekly basis, Sensex slipped 0.33 per cent while Nifty fell 0.97 per cent.

On the sectoral front, auto stocks slipped the most, thus snapping their three-day gaining streak. The Nifty Auto index ended around 2.5 per cent lower at 4,939 levels. On the other hand, private banks gained the most with the Nifty Private Bank index ending 1.72 per cent higher at 10,738 levels.

Volatility index India VIX eased 0.77 per cent to 70.97 levels.

In the broader market, the S&P BSE MidCap index ended at 10,538, up 0.29 per cent while the S&P BSE SmallCap index ended 0.28 per cent higher at 9,497 levels.

In commodities, oil prices were mixed as governments took unprecedented steps to limit the economic fallout from the coronavirus pandemic. Gold edged lower as investors booked profits, but was set for its best week since December 2008. (Agencies)

Also Read: Sensex soars 1,400 points; banking, finance stocks surge

Also Watch: Coronavirus update: Buddhist Monastery in Naharkatika take extra prevention measures