Recovery in global stocks after the US Senate and White House reached agreement on a USD 2 trillion stimulus package
Mumbai: Benchmark Sensex soared 1,862 points on Wednesday led by massive gains mainly in heavyweights RIL, HDFC twins and ICICI Bank as investors shrugged off concerns over the 21-day nationwide lockdown in anticipation of a stimulus package by the government to cushion the economic blow of Covid-19.
Domestic market was also enthused by recovery in global stocks after the US Senate and White House reached agreement on a USD 2 trillion stimulus package for the US economy.
After opening on a choppy note, the BSE barometer ended 1,861.75 points or 6.98 per cent higher at 28,535.78.
Similarly, the NSE Nifty settled 516.80 points, or 6.62 per cent, up at 8,317.85.
Reliance Industries was the top gainer in the Sensex pack, rallying up to 15 per cent, followed by Kotak Bank, Maruti, HDFC twins, Titan, L&T and Axis Bank.
On the other hand, IndusInd Bank, ONGC, ITC and Bajaj Auto closed with losses.
Receding uncertainty in domestic markets following defined lockdown announcement and assurance of domestic stimulus by the government boosted investor sentiment, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.
Earlier in the day, the US Senate and White House reached agreement on a USD 2 trillion stimulus package for the US economy.
The deal aims to buttress the teetering economy by giving roughly USD 2 trillion to health facilities, businesses and ordinary Americans buckling under the strain of the coronavirus pandemic.
According to the latest Union Health ministry update the number of coronavirus cases in India rose to 562, while the death toll rise to10.
The number of global Covid-19 infections has shot past 4,20,000. Worldwide fatalities have topped 18,000.