RBI's bazooka to tackle coronavirus impact gets muted response from markets

Bleak growth outlook, lack of steps to revive economy remain concerns

Even as experts termed the Reserve Bank of India’s (RBI’s) announcements as ‘bazooka’, ‘bold’, ‘unprecedented’, and ‘a complete package’, the equity markets’ response was, at best, muted.
 

The Sensex and Nifty gave up most gains seen in early trade on Friday. After scaling a high of 9,039 intra-day, the Nifty closed just 0.22 per cent higher at 8,660.25 against Thursday’s close of 8,641.45. The Sensex ended with a loss of 0.44 per cent. The Nifty Bank index, too, fell nearly 7 per cent from its intra-day high of 21,462.4 to close at 19,969 — a gain of 1.8 per cent