Financials in focus post RBI meet; Axis Bank, RBL Bank, Bajaj Finserv rally

Among individual stocks, Shriram Transport Finance, Indiabulls Housing Finance, Cholamandalam Investment and Finance Company and Bajaj Finserv were up more than 5 per cent on the NSE

Shares of financials, including banks, non-banking finance companies (NBFCs), housing loans companies and microfinance institutions, were in focus on Friday after the Reserve Bank of India Governor Shaktikanta Das announced various measures, including a reduction in reverse repo rate.

The apex bank also announced special refinance package for National Bank for Agriculture and Rural Development (Nabard), Small industrial Development Bank of India (Sidbi) and National Housing Bank (NHB). Reverse repo rate was also cut by 25 basis points (bps) to 3.75 per cent in order to tackle the coronavirus pandemic.

Addressing the media for the second time since