Indian stock markets closed lower on Friday dragged by financial heavyweights, as the Reserve Bank of India's (RBI) surprise rate cut and extension of moratorium for borrowers failed to cheer investors.
The BSE Sensex ended at 30,672.59, down 260.31 points or 0.84%. The Nifty closed at 9,039.25, down 67 points or 0.74%. Investors remained worried after the RBI governor Shaktikanta Das cautioned about the macroeconomic impact of coronavirus outbreak adding that ‘risks to growth are acute’.
Weakness in global markets also weighed on the investor sentiment. The RBI slashed repo rate by 40 basis point to 4% and adjusted the reverse repo rate to 3.35% from 3.75% to spur economic growth in the country.