Domestic benchmark indices on Wednesday rallied nearly 2% higher as the market remained optimistic after Prime Minister Narendra Modi annou...
Domestic benchmark indices on Wednesday rallied nearly 2% higher as the market remained optimistic after Prime Minister Narendra Modi announced an economic stimulus package of Rs 20 lakh crore amid the coronavirus pandemic.
The BSE Sensex surged 1,470 points in opening trade while the National Stock Exchange Nifty50 rose by 9,500. However, both the indices shed its initial gains within an hour. At 10.45 am, the Sensex was trading 779.42 points higher at 32,150.54 while Nifty50 was at 9,413.45.
In his address to the nation on Tuesday evening, Modi said the economic package will make India self-sufficient. “The package worth Rs 20 lakh crore is 10% of India’s GDP [Gross Domestic Product],” Modi had said. The package also includes the government’s recent announcements to support some key sectors as well as recent measures rolled out by the Reserve Bank of India. “In this package, land, labour, liquidity and law have been emphasised.” He said the package is meant for micro, small and medium enterprises, for farmers, labourers and businesses.
Finance Minister Nirmala Sitharaman will also address the media at 4 pm on Wednesday. She is likely to give details of the Rs 20 lakh crore economic package.
Among the top gainers on the NSE in early trade were ICICI Bank, L&T,...
