Indian major indices NIFTY and SENSEX continued their rally for the third day on government’s announcement of stimulus measures. NIFTY closed at 8,641.45 with 323.60 points (3.89%) gain while SENSEX closed at 29,946.77 with gain of 1,410.99 (4.94%).IndusInd bank was the buzzing stock of the day with more than 46 % gain.
Now NIFTY is trading more than 1000 points from its 52 weeks low of 7,511.10, which was made on 24 march.It means NIFTY has gained 15 percent from its 52 weeks low in just three days.
SENSEX is trading more than 4000 points from its 52 weeks low of 25,638.90. Sensex is trading16 % higher than its 52 weeks low.
Today’s rally was led mainly by interest rate sensitive stocks such as banking and financials ,realty stock. These stocks have been badly hammered in last few weeks.IndusInd bank stock shine with 46% gain.IndusInd bank stock is now trading almost 87% higher than its 52 weeks low price of 235.55.Despite gaining so much ,stock is trading way below its year high of 1,834.40.
Larsen and Toubro, Bajaj finance, Bharti Airtel, Hero motocorp gain around 7- 10%.Gail,HCL tech and Sun Pharma was top losers in today’s trade.Reliance saw some profit booking and closed 13.25 down at 1069 after yesterday’s rally.Total 39 stocks advanced and 11 declined in today’s trade in NIFTY.In SENSEX only 4 out of 30 stocks closed in the red.
Finance minister Nirmala Sitharaman announced 1.7 lakh crores relief packages to fight against Corona virus. These relief measures are especially meant for helping poor.
- Insurance cover of Rs 50 Lakh per health worker fighting COVID-19 to be provided under Insurance Scheme
- 80 crore poor people will to get 5 kg wheat or rice and 1 kg of preferred pulses for free every month for the next three months
- 20 crore women Jan Dhan account holders to get Rs 500 per month for next three months
- Increase in MNREGA wage to Rs 202 a day from Rs 182 to benefit 13.62 crore families
- An ex-gratia of Rs 1,000 to 3 crore poor senior citizen, poor widows and poor disabled
- Government to front-load Rs 2,000 paid to farmers in first week of April under existing PM Kisan Yojana to benefit 8.7 crore farmers
- Central Government has given orders to State Governments to use Building and Construction Workers Welfare Fund to provide relief to Construction Workers
But today’s announcement, no specific measures were announced for the revival of the economy . Some measures may be expected to come in a few days time as GDP growth is expected to fall after implementation of 21 days lockdown across India.