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Indian Share Markets Pare Gains; RBI Cuts Repo Rate by 75 Bps
Fri, 27 Mar 10:30 am

Share markets in India are off day's high after the RBI's Monetary Policy Committee (MPC) reduced the policy repo rate by 75 basis points to 4.4%.

In view of COVID-19 pandemic, MPC advanced its meeting. MPC met on 24, 26 and 27 March and took care of evaluation of macroeconomic and financial conditions.

MPC voted for a sizable reduction in repo rate and maintaining accommodative stance.

The BSE Sensex is trading higher by 500 points, with IndusInd Bank surging another 15% and Axis Bank up 10%. The Nifty50 index is up 235 points.

All sectoral indices are trading in green, with bank stocks leading the gainers.

In the broader market, the BSE MidCap index and SmallCap index were both up 3% each.

Stay tuned for more updates in the following commentary.

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