Equity market leaps over 4% after PM Modi’s 20L Cr Covid-19 relief-package
After Prime Minister
Narendra Modi announced a Rs 20 crore relief-package on Tuesday night, the domestic
stock markets started with strong gains, on Wednesday, morning. The gains were
led by the financial and automobile sector covering the registered losses of
Monday and Tuesday.
The equity markets opened more than 4.69% (1,470.75 points) higher at 32,841.87 at S&P Bombay Stock Exchange (BSE) Sensex Index and the NSE Nifty 50 benchmark started the day at 9,584.20, up 387.65 points (4.22%) from the previous close.
The HDFC Bank and ICICI Bank together contributed to the gain by over 400 points with 5.02% and 7.76% gains respectively, while the auto index soared by 4.27% (243 points) with Maruti Suzuki, Axis Bank, Hero MotoCorp being the major performers. The other top rankers included, Reliance Industries, Larsen and Tubro, Infosys, Bharti Airtel, HUL, and Axis Bank. Even Vedanta shares rose 9.7% to Rs 98.2 on BSC for the third straight session on Wednesday.Meanwhile, Godrej Consumer Products and Kotak Mahindra Bank Maruti Suzuki, Mphasis, Schaeffler India, Siemens are likely to announce their Q4 results today.
Out of the 30 Sensex stocks, 26 were doing business as top gainers, while Nestle India, Adni Ports, Sun Pharma, and TCS lagged behind.