BSE Sensex Shoots Up Over 2% on the Back of Relief Package

The Indian benchmark indices had an excellent outing today as both S&P BSE Sensex and NSE Nifty 50 ended the day 2% higher. The gains in the indices are attributed to the relief package of worth Rs 20 lakh crore announced by the Prime Minister in his speech last night. This is the highest relief package announced in the history of independent India. 

The BSE Sensex ended Wednesday 2.03% or 637 points higher. It closed at 32,009 points. Financial stocks led the gains in the index. Twenty-six stocks comprising the Sensex index ended the day in green while the remaining four tanked. Axis Bank (up by 7%) gained the most while Nestle India (down by 5%) was the biggest loser.

The NSE Nifty 50 closed the day 2.03% or 187 points higher. It ended Wednesday at 9,383.55 levels. Banking and financial stocks rallied today. The NSE Nifty PSU Bank index zoomed more than 6% to touch the 1,238.05 levels, and the NSE Nifty Bank jumped 4% to close the day at 19,635 levels. The pharma sector did not have a good day as the NSE Nifty Pharma index dropped more than 1% to close at 9,148 points. 

Also Read: Financial Stocks Cause Indian Benchmark Indices to Close Monday in Red

The oil prices and global markets collapsed on Wednesday on the back of the speculations of the second wave of coronavirus infections haunted the financial markets. The plans laid out by the OPEC does not seem to overcome the deepen demand crisis and has resulted in the fall of oil prices. MSCI’s broadest index of Asia-Pacific shares gained nearly 0.3%, to negate the early losses. 

The Pan European STOXX 600 lost nearly 1.6%, and banking stocks dragged after several unfavourable news broke out. West Texas Intermediate crude futures dropped 0.9% or 23 cents to touch USD 25.55. 

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in

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