RBI upgrades repo auction from Rs 25,000 crore to Rs 50,000 crore
RBI upgrades repo auction:
Today (March 26th), the Reserve Bank of India upgraded its fixed-rate term repo auction from Rs 25,000 crore to Rs 50,000 crore.
Such an upgrade is likely to mitigate some of the effects on the financial sector from disruptions caused by Covid-19 as the country has locked up for 21 days which started from March 25th, 12:00 am.
Meanwhile, the central bank said the auction set to begin for March 31 would not modify, and all other news surrounding the auction will maintain the same.
Moreover, Prime Minister Narendra Modi declared on Tuesday a countrywide 21-day lockout in an effort to slow down the spread of the country’s pandemic coronavirus.
In addition, RBI moved its Rs 25,000 Crore variable rate repo auction on Tuesday (March 24th) from March 26th to March 30th on a study of rapidly changing economic conditions. This was one of the many actions the central bank has taken to tide over a potential financial crisis.
Besides, On 6 March, the central bank reported two variable rate term repo auctions of Rs 25,000 crore each to undertaken on 30 March and 31 March to meet any additional cash flow need and provide stability in year-end capital management for the banking system.
Stock Market March 26th Update Sensex and Nifty
Stock Market March 26th: On the fourth day of the week, the stock market started trading with the bullish trend. The Sensex trading with a gain of 1,424.38 points reached a 29,960.16 level with 4.99% up. Whereas Nifty trading with a gain of 385.90 points reached 8,703.75 level with 4.64% up.
In the border market, S&P BSE Midcap trading with a gain of 386.14 points reached a 10,597.71 level with 3.78% up. Whereas, S&P BSE SmallCap trading with a loss of 395.41 points reached 9,524.99 level with 4.33% down. At the same time, Nifty Bank shares trading with a gain of 1,834.20 points reached 20,315.25 level with 9.92% up.
Top Gaining stocks: Indusind Bank Ltd, ICICI Bank Ltd, Bajaj Finserv Ltd, HDFC Bank Limited and Axis Bank Ltd.
Losing stocks: NTPC Limited, HCL Technologies Ltd, UltraTech Cement Ltd, Coal India Ltd, GAIL (India) Limited, Adani Ports, Reliance Industries Limited, JSW Steel Limited, and Maruti Suzuki India Ltd.