RBI cut repo rates by 35 bps and reverse repo by 25 bps. GDP for 2019-20 has been revised lower to 6.9% and inflation is expected to be 3.1%. MPC maintained accomodative stance and added that the slow down is cyclical and not structural.
Indian Equities declined, Rupee stabilised at around 70.84 and 10 Year G-SEC yield is at 6.37%.