Sensex Bounced Back 1800 Points as Donald Trump Announced $2 Trillion Coronavirus Rescue Plan

Equity benchmark indices closed nearly 7 per cent higher on Wednesday as Asian shares extended a rally after Wall Street's strong rebound overnight.

Reports said the US Senate leaders had reached deal with the White House on a two trillion dollar coronavirus stimulus package.

The BSE S&P Sensex closed 1,862 points or 6.98 per cent higher at 28,536 while the Nifty 50 ticked up by 497 points or 6.37 per cent to 8,298.

All sectoral indices at the National Stock Exchange were in the green with Nifty financial service gaining by a whopping 9.7 per cent, private bank by 8.4 per cent, auto by 4.3 per cent and realty by 3.2 per cent.

Among stocks, index heavyweight Reliance Industries rose by 13.84 per cent to Rs 1,074 per share after reports indicated that Facebook may pick up stake in Jio.

HDFC Bank gained by 12.4 per cent, Kotak Mahindra Bank by 11.9 per cent and Axis Bank by 9.3 per cent while automaker Maruti was up by 10.5 per cent to Rs 4,960 per share.

Adani Ports, UPL, Grasim and Bajaj Finserv too witnessed gains of over 9 per cent each.

However, IndusInd Bank lost by 3.3 per cent while IndianOil Corporation, ONGC, GAIL, ITC and HCL Technologies traded with a negative bias.

Meanwhile, Asian shares extended their rally in the wake of Wall Street's strong rally as the US Congress was closer to passing a two trillion dollar stimulus package to mitigate the economic blow from coronavirus pandemic.

Japan's Nikkei surged by 8.04 per cent, Hong Kong's Hang Seng by 3.8 per cent, South Korea's Kospi by 5.9 per cent and Shanghai Composite by 2.2 per cent.

On Wall Street overnight, the Dow Jones Industrial Average soared by 11.37 per cent, its biggest one-day percentage gain since 1933.