Sensex surges over 1,900 points, Nifty regains 8,300-mark as govt announces relief package for coronavirus-hit sectors
New Delhi | Jagran Business Desk: The market benchmark Sensex on Wednesday rebounded over 1900 points, while Nifty also gained more than 400 points during the afternoon session, a day after the government announced relief measures to combat coronavirus pandemic.
At 14.25 pm, the 30-share index was trading 1,937.49 points higher at 28,611.52, while broader index Nifty gained 439 points to 8240.
Earlier in the opening session, the BSE Barometer was trading 604 points higher at 26,499, while Nifty gained 174 points to 7,975.
Top gainer in the Sensex pack was Reliance Industries, rallying up to 7 per cent, followed by Nestle India, Tech Mahindra, HDFC, PowerGrid, and HUL.
"Asian peers were also trading higher as authorities world over stepped up efforts to fight the pandemic. However, concerns over the impact of worldwide lockdowns kept investors on edge," Traders told PTI.
On the flip side, IndusInd Bank, ITC, L&T and ICICI Bank were the top losers.
On Tuesday, the BSE benchmark closed 692.79 points or 2.67 per cent higher at 26,674.03, after a highly volatile trading session. Likewise, the NSE barometer settled 190.80 points, or 2.51 per cent, up at 7,801.05.
"Investors are weighing the economic impact of the 21-day lockdown announced last night. In an unprecedented drastic measure to curb the spread of coronavirus, Modi said the lockdown will be in force from Tuesday midnight, as he announced a central allocation of Rs 15,000 crore to strengthen the health infrastructure to tackle the disease.," traders said PTI.
Asian bourses in Hong Kong, Shanghai, Seoul and Tokyo rebounded up to 5 per cent.
Overnight, stocks on Wall Street rallied up to 11 per cent.
Incessant foreign fund outflow also kept domestic market participants risk-averse, traders told PTI.
On a net basis, foreign institutional investors (FIIs) sold equities worth Rs 2,153.35 crore on Tuesday, a provisional data showed.
Brent crude futures rose 2.43 per cent to USD 27.81 per barrel.
(with PTI inputs)
Posted By: James Kuanal