Sensex ends 986 points higher on Friday; financials rally post RBI measures
The domestic stock market witnessed a sharp rally on Friday after the Reserve Bank of India (RBI) Governor Shaktikanta Das announced a slew of measures to support the economy in the wake of Coronavirus (Covid-19) outbreak. The central bank slashed reverse repo rate by 25 basis points to 3.75 per cent. It also announced special refinance facility of Rs 15,000 crore to SIDBI; Rs 25,000 crore to NABARD, and Rs 10,000 cr to HFCs to support liquidity.
Reacting to it, financials stocks made solid gains, thus aiding the benchmark indices to settle over 3 per cent higher. The S&P BSE Sensex surged 986 points or 3.22 per cent to end at 31,588.72, with Axis Bank (up nearly 13.5 per cent) being the top gainer. ICICI Bank (up 10 per cent), IndusInd Bank (up 9 per cent), and Maruti (up 7 per cent) were next on the list.
On the NSE, the Nifty gained 274 points or 3.05 per cent to end at 9,266.75. Volatility index, India VIX, continued to cool-off. It slipped 7.71 per cent to 42.54 levels.