Sensex sinks over 500 points |
Negative global cues, RBI`s decision to cut rate by 25 basis points and profit-booking plunged the Indian equity markets on April 5 , 2016.The BSE benchmark Sensex closed below 25,000-mark. The Sensex fell 516.06 points to end at 24,883.59.The Nifty nosedived 155.60 points to close at 7,603.20.Brokers said the RBI`s decision to cut repo rate by 0.25 per cent to 6.5 per cent was largely in line with market expectations but failed to boost sentiment. They added that no change in cash reserve ratio (CRR) too had its bearing.RBI governor Raghuram Rajan also took a host of measures on the liquidity front, starting with the narrowing of policy rate corridor to 0.50 per cent from the earlier 1 percentage point, which resulted in the reverse repo rate — at which banks can park excess funds with the bank — being reset at 6 per cent.
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