Market benchmark Sensex fell 190 points and the Nifty slumped below the 12,000 level on Friday after the Economic Survey suggested relaxing fiscal deficit target to revive growth.
RBI money policy: EMIs stable, call for tax cut on fuel & other takeaways
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The Monetary Policy Committee of RBI decided to keep the policy rate unchanged, maintained growth projections and pledged to keep money supply open.
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The RBI said it would provide liquidity support of Rs 50,000 crore for fresh lending during 2021-22 to All India Financial Institutions.
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NEW DELHI: The Reserve Bank of India on Wednesday tried to strike a conciliatory note by delivering on the expectations and extending an olive branch to bond traders, who had been revolting in the recent past.
The Monetary Policy Committee of RBI decided to keep the policy rate unchanged, maintained growth projections, pledged to keep money supply open and batted for a tax rate cut on fuel so that inflation may come down.
RBI extends olive branch to bond mart with upfront purchase offer indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
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Indian stock markets surged today with Sensex surging over 2,300 points to 48,600 after the finance minister announced a slew of measures to revive the pandemic-hit economy. The NSE Nifty 50 surged 4.7% to 14,281. This marked the Nifty s best daily performance on a budget day since at least 1996, according to Refinitiv data.
Finance Minister Nirmala Sitharaman proposed a vehicle scrappage policy, recapitalisation of public-sector banks and divestment of some state-owned lenders, aiming to bolster an economy that plunged into its deepest recorded slump amid the virus outbreak.