Nifty PSU Bank advanced 6.11 per cent led by gains in Canara Bank, Punjab & Sind Bank and Bank of Baroda. Nifty FMCG index ended nearly half a per cent lower dragged by Nestle India
Indian share market cheered the Rs 20 lakh crore stimulus package on Wednesday as BSE Sensex and Nifty 50 posted over 2 per cent gains. However, market participants awaited the finer details of the announced package due to which no major movement happened during the trade. Finance Minister Nirmala Sitharaman’s press conference is scheduled for today. During the day, Sensex jumped to 32,845, while Nifty reclaimed 9,500-mark. “Market Breadth remained in favor of bulls for every four gainers there were only one loser. The market players seemed much more interested in details of the package so there was no big move post-gap up opening,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, said.
Axis Bank gains 7%: Axis Bank was the top Sensex gainer with a growth of nearly 7 per cent, followed by UltraTech Cement, ICICI Bank and State Bank of India (SBI). On the other hand, Nestle India was the top laggard, down 5 per cent. Sun Pharma, Bharti Airtel and HUL were among other losers on the pack.
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Nifty PSU Bank jumps 6%: Nifty PSU Bank advanced 6.11 per cent led by gains in Canara Bank, Punjab & Sind Bank and Bank of Baroda. Nifty FMCG index ended nearly half a per cent lower dragged by Nestle India, Tata Consumers and Britannia.
Rs 20 lakh crore stimulus boost: In an attempt to revive the economy battered by coronavirus-led lockdown, PM Modi announced Rs 20 lakh crore economic relief package. “This package is for the country’s labour, farmers who have worked in every condition and every weather and round the clock for the fellow countrymen, for India’s middle class who pays tax honestly and for industries,” PM Modi said.
FM presser: FM Sitharaman is set to provide details of the massive stimulus package announced by the Prime Minister Narendra Modi last evening. “The details are awaited regarding the math and allocation of the announced package and how much will be the fresh stimulus. If the details match the headline announcements, then this would significantly help allay fears surrounding the economy and businesses and its recovery path,” Vinod Nair, Head of Research at Geojit Financial Services, said.
Investors wealth gain Rs 1.84 lakh crore: The market capitalisation of BSE-listed companies stood at Rs 122 lakh crore as of Tuesday’s close. However, today’s rally in the market added Rs 1.84 lakh crore in investors wealth. BSE’s total market capitalisation stood at Rs 124 lakh crore today.