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.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Equitymaster requests your view! Post a comment on "Indian Share Markets Pare Gains; RBI Cuts Repo Rate by 75 Bps". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!