Taking Stock: RBI surprise repo cut failed to cheer D-Street: Financials take a hit

The Reserve Bank of India (RBI) which slashed interest rates by 40 bps on May 22 failed to lift D-Street sentiment. The S&P BSE Sensex recouped some of the losses towards the close but failed to hold onto 31000 while the Nifty50 breached 9100.

Let’s look at the final tally on D-Street – the S&P BSE Sensex fell 260 points to 30,672 while the Nifty50 failed to hold onto 9100 and closed 67 points lower at 9039 on Friday.