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Breaking a two-session losing streak, the BSE Sensex racked up 637 points on Wednesday as investors applauded the government’s Rs 20 lakh crore stimulus package for the coronavirus-affected economy.
After gathering 1,474.36 points during the day, the benchmark of 30 shares delivered some gains to settle 637.49 points or 2.03 percent higher at 32,008.61.
Also read | Sitharaman announces impulse to MSMEs; EPF support to workers and companies: key points
Similarly, the NSE Nifty jumped 187 points, or 2.03 percent, to finish at 9,383.55. The indices fell from intraday highs as participants waited for details of the stimulus package from the finance minister, traders said. Axis Bank was the main winner in the Sensex package, with a 7.02 percent increase, followed by UltraTech Cement, L&T, ICICI Bank, SBI, M&M and Bajaj Finance.
Only four components of the index ended in red: Nestle India, Sun Pharma, HUL and Bharti Airtel, losing as much as 5.38 percent. Prime Minister Narendra Modi had announced the new financial package on Tuesday in addition to previously announced measures for a combined stimulus of Rs 20 lakh crore to revive demand and boost growth.
The long-awaited stimulus package announced by the prime minister encouraged investors on Wednesday, sparking a decent move in the benchmark as well.
“The index witnessed a large opening gap and remained within range thereafter. Most of the industry indices, except the defensive ones, participated in the movement and registered attractive gains, “said Ajit Mishra, vice president of research at Religare Broking Ltd.
The BSE capital goods, industrials, bankex, real estate, finance and basic materials indices rose as much as 5.08 percent, while healthcare, consumer goods and telecommunications closed lower.
Also read | Rs 3 lakh crore unsecured automatic loans for companies, including MSMEs: Sitharaman
The broader midcap and smallcap rates rose to 1.97 percent. Speaking out the stimulus package at a post-market press conference, Finance Minister Nirmala Sitharaman announced collateral-free automatic loans of Rs 3 lakh crore for companies, including MSMEs, as well as a liquidity service of Rs 30,000 crore for NBFC, among other measures.
Meanwhile, global markets mixed as investors took stock of the gradual reopening of coronavirus-related closings. Courses in Shanghai and Seoul ended with gains, while Hong Kong and Tokyo closed in the red. Stock markets in Europe started with significant losses.
On the currency front, the rupee appreciated in 5 countries to provisionally close at 75.46 against the US dollar. The International Benchmark Crude Oil Index Brent crude futures fell 1.30 percent to $ 29.59 a barrel.
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