Sensex, Nifty open higher as markets cheer PM Modi’s Rs 20 lakh crore package

Indian equity markets opened more than 4% up on Wednesday after Prime Minister Narendra Modi announced a Rs 20 lakh crore relief package to boost the economy grappling from the coronavirus pandemic.

Union finance minister Nirmala Sitharaman is expected to announce components of the package later in the day after it gets a not by the central cabinet at a meeting chaired by PM Modi.

The S&P BSE Sensex opened 1,470.75 points or 4.69% higher at 32,841 while the NSE Nifty 50 opened at 9,584 higher 387.65 points by 4.22% from the previous close as the gains were led by financial and automobile stocks.

Out of 30 Sensex stocks, 27 stocks were trading in positive territory. ICICI Bank was the top Sensex gainer with a growth of 7.76%, followed by Maruti Suzuki, Axis Bank, Hero MotoCorp and HDFC Bank. Nestle India, Sun Pharma and TCS were the only laggards on the Sensex.

Except Nifty IT and Nifty Pharma indices, all the sectoral indices were trading with gains.

Nifty Bank index jumped 1,055 points or 5.60% led by ICICI Bank, Bank of Baroda and RBL Bank. The auto index also soared 243 points or 4.27% with Hero Motocorp, Maruti Suzuki and TVS Motors as top index gainers.

Both benchmark indices registered two days of losses on Monday and Tuesday.

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