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Nifty futures traded on the Singapore Stock Exchange rose as much as 5.5 percent or 504 points after Prime Minister Narendra Modi announced on Tuesday a financial aid package worth Rs 20 lakh crore to support the economy that has been hard hit by COVID-19 induced blockade. The package that adds to the Rs 1.7 lakh crore provided as relief for the poor is 10 percent of the country’s gross domestic product (GDP), Prime Minister Modi said.
Starting at 8:55 p.m. M., The SGX Nifty rose 4.2 percent or 385 points to 9,561, indicating a sharp gap in the opening of the Indian stock markets tomorrow.
The economic package announced by Prime Minister Modi was a much-needed step to address the slowdown in the economy, analysts said.
Following the Prime Minister’s announcement, Modi’s shares of Indian companies listed on US exchanges. USA They experienced a large increase.
ICICI Bank American Depository Receipts (ADR) increased 8%, Infosys ADR increased 3.2%, HDFC Bank ADR increased 6.05%, Tata Motors ADR increased 4.8% and Vedanta ADR shot up 28% of PM Modi’s announcement.
The Finance Minister will provide detailed information on the package, added PM Modi.
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