Stocks plunge despite RBI rate cut, financials under pressure

June 06, 2019 16:59

Equity benchmark indices were dragged down by financial stocks in afternoon trade on Thursday even though the Reserve Bank of India (RBI) reduced repo rate by 25 basis points to 5.75 per cent in its second bi-monthly monetary policy meet of fiscal 2019-20.

The BSE S&P Sensex closed 554 points down at 39,529 while the Nifty 50 lost points to 11,844.At the National Stock Exchange, all sectoral indices were in the red. Nifty PSU bank fell 4.9 per cent, private bank 2.3 per cent and financial service 2.3 per cent. -- ANI

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