In view of the danger of damage to the economy due to corona virus, today the central bank RBI has made a big announcement. The Reserve Bank has cut interest rates by 75 basis points. After this cut, now the repo rate has come down to 4.4 percent. RBI Governor Shaktikanta Das said that the Monetary Policy Committee held a review meeting ahead of time in view of the threat to the economy due to the corona virus. In the meeting, 4 members were in favor of big cuts. After which this decision was taken. The review meeting lasted from 24 to 27 March. Please tell that in the last review meeting, it was decided not to make any changes in the rates. Even before this, the RBI has cut rates 5 times.
The corona virus has spread all over the world, due to which there is pressure on the global economy. In view of this, countries all over the world are making every effort to bring their economy back on track. The global supply chain has been disrupted due to Carona, which is also affecting domestic companies. It is impacting many major sectors and their fourth-quarter results are expected to be affected. There may be a significant decline in the revenue of companies. In view of this, the government and RBI are also taking many measures on their behalf.
Bank and financial shares rise
After the expectation of rate cut, the stock market is seeing a great boom. The Sensex gained nearly 1000 points to reach the level of 30,948.97. At the same time, the Nifty also crossed the 350 mark with a gain of 350 points. In today’s business, banks and financial stocks are seeing a great boom. In view of Corona virus on Thursday, the government announced a relief package of 1.70 lakh crore for the poor. This has strengthened the market sentiments. In today’s trading, 26 stocks of Sensex 30 are being seen. IndusInd Bank is still 15 percent faster today. Axis Bank, SBI, Bajaj Finance, ICICI Bank and HDFC Bank are today’s top gainers.