The Reserve Bank of India on Friday announced it would undertake additional purchase of government securities worth Rs30,000 crore through open market operations (OMO) in a bid to increase liquidity and enhance confidence in the financial markets that remain under stress over COVID-19 related dislocations.

The OMO would be conducted in two tranches of Rs15,000 crores each on March 24 and March 30, 2020. This is second big OMO announcement by RBI in two days. The central bank successfully concluded a Rs10,000 crore purchase programme for dated government securities on March 20.

In a statement, the RBI said that with the COVID-19 related dislocations, stress in certain financial market segments is still severe and financial conditions remain tight.

“The RBI’s endeavour is to ensure that all markets segments function normally with adequate liquidity and turnover,” The apex bank added.

Under the latest OMO scheme, the RBI will purchase government securities maturing in between 2022 and 2029. The securities were issued with a coupon rate of 6.84 per cent, 7.72 per cent, 8.33 per cent and 7.26 per cent.

The RBI statement said: “There is no notified amount against any of these securities within the aggregate ceiling of Rs15,000 crore set for the operation. “The central bank reserves the right to decide on the quantum of purchase of individual securities, accept offers for less than or higher than the aggregate amount of Rs15,000 crore and also to accept or reject any or all offers either wholly or partially without assigning any reason,” it added.

As coronavirus fears continue to rattle financial markets across the world and concerns have been raised over the economic impact of the pandemic, the RBI has showed it is ready to take measures required to calm the markets and improve liquidity.

RBI Governor Shaktikanta Das announced on Monday that the apex bank would conduct a six-month swaps worth $2 billion to provide liquidity to the foreign exchange market and conduct more long term repo operations (LTROs).

The central bank, however, did not go ahead with a much-anticipated emergency rate cut. Das said that rate cut decisions are taken by the Monetary Policy Committee (MPC), however, nothing should be ruled out.

Separately, Indian shares rebounded along with their Asian peers on Friday after four sessions of bruising losses, as policymakers across the world launched fresh efforts to stem the economic fallout of the coronavirus pandemic.

Asian shares made a partial comeback from a global rout and European shares were set for similar gains on Friday.

Central banks in Europe, Japan, Australia and the United States announced new stimulus to help businesses battered by a near halt in economic activity due to the virus outbreak, and U.S. Senate was debating a $1 trillion-plus package that would include direct financial help for Americans.

India’s NSE Nifty 50 index was up 4.17% at 8,611.35 by 0834 GMT, while the S&P BSE Sensex was 4.36% higher at 29,522.82.

The Nifty 50 was on track for its best one-day gain in more than six months, but was poised to end the week some 12% lower, and analysts signalled the worst was far from over.

“The announcements by global central banks and stimulus measures are helping. Some short-covering is also happening,” said Mayuresh Joshi, head of equity research at William O’Neil & Co in India.

“But overall, how the pandemic will be contained still remains a cause of concern,” he added.

State-run Oil and Natural Gas Corp led gains on the Nifty 50 with a 14.5% jump as oil prices bounced back.

The Nifty IT index jumped 10%, with shares of Infosys and Wipro surging about 10% each.

Shares in India’s largest private-sector lender HDFC Bank slid as much as 7.9% and was last down 2.3% after Bernstein downgraded the stock.

The virus, which originated in China, has spread quickly around the globe, claiming more than 10,000 lives and hammering economic activity.

The carnage in financial markets has taken India’s blue-chip Nifty 50 index 33% below its Jan. 20 record intraday high, while India’s small-cap and mid-cap shares have fared no better, falling roughly 29% since the start of 2020.

The pandemic also threatens to chip away at India’s economic growth, already languishing at multi-year lows, as it forces more offices and factories into lockdown, pressuring corporate balance sheets.

Agencies