Sensex in opening session touched 32500 losing early gains later in the day to settle at 32008.61 surging by 637.49 points. Nifty moved past 9500 initially then falling and closing at 9383.55 however, gaining 187 points.
The announcement of INR 20 lakh crores of economic relief package by PM Mr Narendra Modi helped the market gain momentum and end in green after trading in red for the past couple of days. The stimulus package worth 10% of India’s GDP, will play a key role in helping labourers, farmers, SMEs and industries.
Sensex and Nifty indices jumped 2% while the Bank sector registered a gain of 4%. Auto and metal shares saw buying while FMCG and Pharma stocks finished in red.
Top Gainers- Sensex and Nifty
Zee Entertainment Ltd gained 7.71% today followed by Axis Bank, L&T and Adani Ports ending with a profit of 7.01%, 6.28% and 5.99% respectively. Other gainers from today’s session include ICICI Bank, UPL, Bajaj Finance and M&M gaining more than 4%.
The relief package announcement helped the market to gain grounds amid the fear of increasing cases of Coronavirus.
Losers- Sensex and Nifty
Few stocks ended in red today including Nestle India that lost 5.22% of its value. Further, Sun Pharma and Bharti Airtel dropped by 2.16% and 1.04% respectively. Other losers were Britannia, TCS, Hindustan Unilever and HCL Tech falling less than 1%.
Foreign Institutional Investors bought shares of value 6192.1 crores and sold-off shares of value 6475.53 crores. Indian Equity market witnessed a pull-out of investment by foreign investors of value around 283.43 crores.
Domestic Institutional Investors today saw a decent rally in the stock market with increased investment of INR 232.65 crores. The total value of shares bought were 4847.22 crores and sold shares of around 4614.57 crores.
The announcement of fiscal stimulus provided by the Government of value 20 lakh crores held the investors’ sentiments high building up hope for improvement of the economy amid lockdown.