RBI's 2nd booster fails to enthuse markets

RBIRepresentational Purpose

Sensex down 260 points while Nifty sheds 98 points

Mumbai: Benchmark indices snapped their three-session winning streak on Friday as the RBI's surprise rate cut and other steps to prop up the coronavirus-hit economy failed to enthuse investors. Banking and financial stocks led the decline after RBI's extension of moratorium on loan repayments stoked NPA fears. After falling over 450 points during the day, the 30-share BSE Sensex ended 260.31 points or 0.84 per cent lower at 30,672.59. The broader NSE Nifty settled 67 points or 0.74 per cent down at 9,039.25. During the week, the Sensex declined 425.14 points or 1.36 per cent, while the Nifty fell 97.6 points or 1.06 per cent. Axis Bank was the top laggard in the Sensex pack on Friday, plunging 5.65 per cent, followed by HDFC, Bajaj Finance, ICICI Bank, Bajaj Auto, Tata Steel, IndusInd Bank and HDFC Bank.

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