Stimulus package fails to cheer markets

After rallying 1,474.36 points during the day, the 30-share index surrendered some early gains to settle 637.49 points or 2.03 per cent higher at 32,008.61.

Except for Nifty metal which was up by 1.4 per cent, all sectoral indices at the National Stock Exchange were in the negative zone with Nifty PSU bank down by 1.7 per cent, private bank by 1.3 per cent, auto and pharma by 1 per cent each.

Market players were disappointed as the immediate spend out of the government " s Rs 20 lakh crore fiscal stimulus package was seen to be relatively small, raising doubts about the revival of growth any time soon, experts said.

Finance Minister's stimulus aimed towards reviving the gloomy Indian economy failed to cheer up Indian stock markets as Sensex plunged by 885.72 points, which is 2.77 per cent to reach the level of 31,122.89 while, Nifty dipped by 240.80 points, which is 2.57 per cent to be at the level of 9,142.75.

Tech Mahindra was the top laggard in the Sensex pack, cracking 5.24 per cent, followed by Infosys, HDFC, IndusInd Bank, Reliance Industries and NTPC.

Foreign portfolio investors (FPIs) sold stocks worth ₹2,152 crore in the cash segment on Thursday putting tremendous pressure on the markets.

Apple unveils plans to reopen some United States stores
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Finance Minister Nirmala Sitharaman on Thursday announced a Rs 3.16 lakh crore package comprising free foodgrains for migrant workers, Rs 2 lakh crore concessional credit to farmers and working capital for street vendors in a bid to help those hit hard by the nationwide lockdown. On Wednesday, the Dow, and S&P fell by 2.2 per cent and 1.8 per cent, respectively, while the Nasdaq Composite lost 1.6 per cent.

Broader market indices Nifty Smallcap100 and Nifty Midcap100 also traded with marginal losses.

Meanwhile, the number of COVID-19 cases in India rose to 81,970, while the death toll spiked to 2,649, according to data released by the Union Health Ministry.

Globally, the number of cases linked to the disease has crossed 44.43 lakh and the death toll has topped 3.02 lakh.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul closed with losses.

Global oil benchmark Brent crude futures climbed 2.18 per cent to Dollars 31.81 per barrel.

  • Darren Santiago