India's Nifty ends higher on rate cut but logs sixth week of declines

India's Nifty ends higher on rate cut but logs sixth week of declines

27 Mar 2020 04:23 PM
 

India's Nifty blue-chip index closed slightly higher on Friday after wild swings late in the session, as the country's central bank slashed interest rates to counter the economic damage from a 21-day lockdown aimed at curbing the spread of coronavirus.

The NSE Nifty 50 index closed 0.2% higher at 8,660.25, while the S&P BSE Sensex finished the session 0.44% lower at 29,815.15. Still, both indexes recorded their sixth straight week of declines amid historic sell-offs in global stock markets as the virus locks down several countries, raising fears of a deep recession.