Sensex & Nifty Reacted Positively on PM Modi's 20 Lakh Cr Economic Package

Market Benchmark Index Sensex rallied over 1,474.36 points at 32,845.48 while the broader Nifty 50 Nifty soared 315.85 points at 9,512.40 during the opening session of Wednesday after PM Modi announced a total economic package of Rs 20 lakh crore to support the economy amid the coronavirus pandemic.

At 9.05 am in the pre-opening session Sensex rallied 1,488.70 points or +4.75% at 32,859.82.

The top gainers in the market were L&T, ICICI Bank, Axis Bank, Hero Motor Corp, Bajaj Finance, M&M, Maruti, HDFC Bankm HDFC, IndusInd Bank, Tata Steel, among others while Bharti Airtel, Sun Pharma, and Nestle India were in red on the Bombay Stock Exchange.

Earlier, Prime Minister Narendra Modi on Tuesday addressed the nation on COVID-19 related issues.

In the main highlight of his speech, PM Modi spoke of the new Rs 20 lakh economic package for a self-reliant India.

Appreciating the efforts of the government, Niranjan Hiranandani, President, ASSOCHAM and NAREDCO, said, “Long-awaited announcement of a fiscal stimulus package of Rs 20 lakh crore nearly 10 per cent of Indian GDP is truly commendable — a shot in the arm to revive the drowning economy.

Appreciating the sentiment of the PM, Hiranandani, added, “The economic package is meant for labours of country, for that farmer of the country, for the middle class of our country which is the broad segment of the demographic pyramid of the nation, and most important the taxpayers who contribute to the development of the country."

Admitting that the coronavirus will be an integral part of our lives for the while, PM also stressed on lockdown 4.0 and said that more details will be given before May 18.

In the closing session on Tuesday, Sensex slipped over 190 points dragged by a massive loss in index heavyweight Reliance Industries amid weak cues from Asian peers as fears of a second wave of coronavirus infections spooked global investors.

After plunging over 716 points during the day, the 30-share index pared some losses but still settled 190.10 points or 0.60 per cent lower at 31,371.12.

Similarly, NSE Nifty declined 42.65 points, or 0.46 per cent, to 9,196.55.