New Delhi: The stock indexes ended higher on Thursday (March 26) for the third time in a row, with the Sensex closing 1,410.99 points or 4.94% at 29,946.77, while the broader Nifty closed 323.60 points or 3.89% ended at 8641.45. The Nifty’s main winners were IndusInd Bank, L&T, Bajaj Finance and Bajaj Auto, while the top losers were Yes Bank, GAIL, Sun Pharma and Maruti Suzuki.
Around 1483 shares rose today, 766 shares fell, while 164 shares remained unchanged as all industry indices ended in the green.
Today’s afternoon session saw Sensex trade over 1,000 points after Treasury Secretary Nirmala Sitharaman announced a $ 1.70 billion stimulus package to mitigate the effects of the COVID 19 pandemic ban. The 30-share BSE rose 1,055.11 points, or 3.70 percent, to 29,590.89 and rose more than 1,500 points in the morning.
However, the NSE Nifty was 284.20 points or 3.42 percent higher at 8,602.05 after 1430 hours. IndusInd Bank was the top winner in the Sensex package with an increase of 34 percent, followed by Axis Bank, Bharti Airtel, L&T, Bajaj Finance and HDFC.
On the other hand, Maruti, Reliance Industries, NTPC and Sun Pharma were among the top laggards.
To cushion the economic blow of the 21-day ban to curb the Covid-19 pandemic, FM Sitharaman announced a number of measures to help citizens survive the crisis. The economic package of 1.70 billion rupees will be implemented with immediate effect.
The impact was also on the Indian rupee, which rose 84 pairs against the US dollar to 75.10 after the intraday announcement.
In the early morning hours, stock indexes were higher today, after it was reported that the government may soon announce a stimulus package to mitigate the blow from the nationwide blockage as the corona virus spreads. At 10:15 a.m., the BSE S & P Sensex rose 1,175 points, or 4.12 percent, to 29,711, while the Nifty 50 rose 327 points, or 3.93 percent, to 8,645.
All industry indices on the National Stock Exchange were in the positive zone: Nifty IT rose 4 percent, private banks 3.8 percent, real estate 3 percent and pharmaceuticals 2.5 percent. IndusInd Bank achieved a dramatic gain in shares of 25 percent to 376.60 rupees per share, while Axis Bank increased 7.3 percent. Bajaj Finserv and Bajaj Finance grew 5.3 percent and 4.7 percent, respectively.
The other prominent winners were Infosys, Tech Mahindra, Bharti Infratel and Titan. However, IndianOil Corporation lost 1.9 percent, while ONGC, GAIL, Maruti, and ITC traded negatively.
Meanwhile, global equity markets fell today as nervousness over employment data that could reveal the economic slaughter of the coronavirus pandemic outweighed a $ 2 trillion US stimulus package.
The U.S. Senate supported the massive bill on Wednesday aimed at helping unemployed workers and industries get rid of the virus. The package will be available for vote in the House of Representatives on Friday.
Europe’s broad Euro STOXX 600 fell 1.6%, with the stock exchanges in Frankfurt, London and Paris declining by around 2% due to a two-day rally. The bad mood was worsened by the slump in consumer attitudes in Germany and data suggesting stagnant retail sales in the UK last month, before the virus appeared.
A mixed session followed in Asia, where MSCI’s broadest Asia-Pacific equity index outside of Japan rose 0.7%, but regional performance varied. The Nikkei made gains of 4% for three days, while Australia’s benchmark rose on day three – the longest winning streak in six weeks.
Global markets have lost about a quarter of their value in the past six weeks of virus-driven sales. The feeling of discomfort was also reflected in the currency markets.
The dollar fell 0.4% against a basket of six major currencies to 100.50 as its recent rally continued to lose momentum. Compared to the perceived security of the Japanese yen, it also fell 0.8%.
The softer greenback also boosted emerging market currencies, with the MSCI index reaching a weekly high.
Oil fell as fears of lowering demand outweighed support for the US economy. Brent crude futures fell 3% to $ 26.55.
(With agency input)