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Sunday, March 29, 2020

Sensex rallies 1,411 points, rupee gains 78p on economic package

The Sensex gained 4.94 per cent, or 1,411 points, at 29,946.77 as investors went on a bargain hunting spree. The NSE Nifty Index rose by 323.60 points, or 3.89 per cent, at 8,641.45.

By: ENS Economic Bureau | Mumbai | Updated: March 27, 2020 1:17:27 am
stock markets, stock markets slump, BSE Sensex, NSE Nifty, Sensex, Nifty, Business news, Indian Express The Sensex which had skyrocketed by 1,862 points, or 6.98 per cent, on Wednesday has gained over 3,200 points in the last two sessions. (Representational Image)

Stock markets Thursday staged further recovery, with the benchmark Sensex soaring 1,411 points as Finance Minister Nirmala Sitharaman announced various welfare measures to tide over the coronavirus crisis. The rupee also surged by another 78 paise to 75.16 against the US dollar.

The Sensex gained 4.94 per cent, or 1,411 points, at 29,946.77 as investors went on a bargain hunting spree. The NSE Nifty Index rose by 323.60 points, or 3.89 per cent, at 8,641.45.

“Investors started buying battered stocks which were down by almost 30 per cent in the last one month,” said veteran dealer Pawan Dharnidharka.

The Sensex which had skyrocketed by 1,862 points, or 6.98 per cent, on Wednesday has gained over 3,200 points in the last two sessions.

The government unveiled a Rs 1.70 lakh crore economic package involving free foodgrain and cooking gas to poor for the next three months, higher wages to workers and measures to boost liquidity of employees as part of measures to ease the economic impact of lockdown. “The market continued its positive momentum for the second consecutive session led by supportive global cues and announcement of relief package from the Centre,” said Ajit Mishra, VP—research, Religare Broking.

Explained

Boost from positive global cues as well

following the announcement of the Rs 1.7 lakh crore stimulus to battle the virus threat to the economy, markets continued their positive momentum for the second straight session. Another factor that helped boost markets was supportive global cues.

The broader markets too witnessed healthy buying interest as both BSE midcap and smallcap ended higher by 3.4 per cent and 3.7 per cent respectively.

Siddhartha Khemka, head—retail research, Motilal Oswal Financial Services, said, “The market has cheered the fiscal package and it now expects relief measures for corporates, banks, SMEs, start-ups, etc.”

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