Indian equity markets extended gains for the third straight session due to a surge in shares of banking and financial services as futures and options contracts for the month of March expired. The BSE Sensex soared 1,410.99 points to settle at 29,946.77, while the NSE Nifty jumped 323.60 points to 8,641.45. The rupee, too, scripted significant gains on the Centre’s stimulus package announced on Thursday.
The winners in the Sensex pack included HDFC Bank, HDFC, Infosys, Kotak Mahindra Bank, Hindustan Unilever, ICICI Bank and Larsen & Toubro. They collectively contributed over 900 points towards the gain in the Sensex.
Meanwhile, Finance Minister Nirmala Sitharaman announced a Rs 1.7 lakh crore worth financial package for the poor and the vulnerable sections amid the coronavirus crisis. Consequently, the Indian rupee appreciated further by 84 paise to 75.10 against the US dollar in intra-day trade on Thursday.
The Indian rupee appreciated further by 84 paise to 75.10 against the US dollar in intra-day trade on Thursday after Sitharaman’s announcements.
The domestic stimulus measures announced by the government boosted investor sentiment. However, there are still concerns over the impact of coronavirus outbreak on the domestic as well as global economy.
On Thursday, only four stocks in the Sensex pack ended in the red. Among individual stocks, IndusInd Bank soared an impressive 45 per cent to Rs 437 on the BSE. It was its sharpest-one day gain ever.
In the previous session, the BSE gauge Sensex shot up 1,861.75 points or 6.98 per cent to settle at 28,535.78, and the NSE barometer Nifty spurted 516.80 points or 6.62 per cent to end at 8,317.85, the biggest single-day gain for the indices.
According to traders, investors are weighing the economic impact of the 21-day lockdown in the country. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a mixed note.
Stocks on Wall Street ended with firm gains in overnight trade.
Incessant foreign fund outflow also kept domestic market participants risk-averse, traders said.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth Rs 1,893.36 crore on Wednesday, according to provisional exchange data.
Brent crude futures, the global oil benchmark, fell 0.51 per cent to USD 27.25 per barrel.
(With PTI inputs)