Stock market extends winning steak; PSU bank at new high
Sensex closed 487 points, or 0.66%, higher at 74,339.44 while the Nifty closed the day with a gain of 168 points, or 0.75%, at 22,570.35 on the monthly F&O expiry day.
Indian stock markets were trading up 2 per cent during the intraday trade on Wednesday after Prime Minister Narendra Modi announced a stimulus package of Rs 20 lakh crore to jump start the economy during the ongoing pandemic crisis.
At 12.21 p.m. the S&P BSE Sensex was trading at 32,067.38, up by 696.26 points or 2.20 per cent.
The Sensex rose as much as 4.70 per cent or 1,474.36 points to hit 32,845.48 mark in the initial minutes of day’s trading.
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The gainers on the BSE Sensex charts was led by Laresen & Turbo, up by 6.22 per cent, followed by Bajaj Finance, ICICI Bank, UltraTech Cement, M&M, SBI and Axis Bank at a gain ranging 5 per cent to 5.79 per cent.
On the other hand, laggards pack only four firms were trading in red including Nestle at the top with a loss of 3.99 per cent, followed by Sun Pharma, Bharti Airtel, TCS down by 0.47 per cent to 2.13 per cent.
Similarly, NSE Nifty50 was trading up by 2.24 per cent or 205.45 points at 9,402.45 during the intraday trade, after opening as high as 9,584.50, up by 4.22 per cent against its previous close of 9,196.55.
In the Nifty basket of 50 shares, 46 stocks traded in green at the time of reporting. Top percentage gainers were Laresen & Turbo, ICICI Bank, UltraTech Cement, Bajaj Finance, M&M, UPL and SBI trading higher between 4.70 per cent and 6.10 per cent each.
In his address on Tuesday, the prime minister said that the stimulus package is going to be 10 per cent of country’s gross GDP, and was aimed at all sections, sectors and players of the economy.
Later in the day today, Finance Minister Nirmala Sitaraman is going to lay out details of the economic package in front of the media.
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