pared their morning gains and slipped into the red territory even after the RBI’s Monetary Policy Commitee (MPC) reduced the policy repo rate by 75 basis points to 4.4 per cent to help arrest the economic slowdown in the wake of the coronavirus (Covid-19) outbreak. RBI Governor Shaktikanta Das, however, also said that there’s a rising probability that large parts of the global economy will slip into recession.
Auto stocks erased their morning gains and were trading up to 6 per cent lower. The Nifty Auto index, the top Nifty sectoral loser, was also down over 1 per cent.
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