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Sensex dips 350 points

Friday,   22-May-2020   02:24 PM (IST)

Indian markets dropped over 1 per cent on Friday after RBI Governor Shaktikanta Das said the GDP growth in FY21 is expected to be in negative territory. Besides, the Reserve Bank of India (RBI) also slashed repo rate by 40 basis points (bps) to 4 per cent and maintained the stance 'accomodative'. Consequently, reverse repo rate now stands at 3.35 per cent from 3.75 per cent earlier. Among headline indices, the S&P BSE Sensex slipped 365 points to around 30,560 levels and the Nifty50 index slipped hovered around 9,000 levels. Bajaj Finance and HDFC (both down 5%) were the top Sensex laggards. Infosys gained 2 per cent after the class action lawsuit filed against the company in the US was dismissed. Reliance Industries gained 1 per cent after the conglomerate said that KKR would invest Rs 11,367 crore into Jio Platforms for 2.32 per cent equity stake. The Nifty sectoral indices were largely in the red, led by Nifty Bank and Nifty FInancial Services indexes, both down over 2 per cent each.