Sensex rises by over 1400 points, Nifty regains 8600-mark as govt announces relief package to coronavirus-hit sectors
New Delhi | Jagran Business Desk: The market benchmark Sensex on Thursday soared over 1400 points, while Nifty gained 300 points as the government announced relief packages to coronavirus-hit sectors.
Finance Minister Nirmala Sitharaman announced a stimulus package worth Rs 1.70 lakh crore to cushion the impact of the coronavirus lockdown in the country.
At close, the BSE Barometer was trading 1,410.99 points higher to settle at 29,946.77, while Nifty jumped 323.60 points to 8,641.45.
Top gainer in the Sensex pack included IndusInd Bank rallying up to 46 per cent. Other winners were Bharti Airtel, L&T, Bajaj Finance, Kotak Mahindra, Bajaj Auto, HUL and HDFC, rising up to 10 per cent.
On the flip side, shares of Maruti Suzuki, Tech Mahindra, Sun Pharma and Reliance Industries closed with losses.
The Finance Minister announced a slew of measures to help citizens survive the crisis, including the Rs 1.70 lakh crore economic package which involves free food grains and cooking gas to poor for the next three months.
“This is a package for lockdown impacted segments,” PTI quoted V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, adding that the government is prioritising.
“Industry-specific measures are likely to be announced in the next package. This can go a long way in implementing the lockdown,” he said.
"Volatility remained during the day as March derivatives contracts expired," Traders told PTI.
Meanwhile, Asian bourses in Hong Kong, Seoul, Tokyo ended significantly lower. Benchmarks in Europe were also trading in the red.
Rupee surged 57 paise to 75.37 per US dollar in intra-day trade, while Brent crude futures fell 2.15 per cent to USD 26.80 per barrel.
The number of novel coronavirus cases jumped to 649 in India and the death toll rose to 13, with one death reported each from Madhya Pradesh, Tamil Nadu and Gujarat, according to the Health Ministry.
(with PTI inputs)
Posted By: James Kuanal