After Prime Minister addressed the nation on Tuesday where he announced a 20 lakh crore economic relief package, the market benchmark index Sensex soared past 1,474.36 points at 32,845.48 while the broader Nifty 50 Nifty rallied 315.85 points at 9,512.40.
During the opening session of Wednesday, at 9.05 am, the Sensex soared at 1,488.70 points or grew at +4.75 percent at 32,859.82. Among the top gainers in the market were ICICI Bank, Axis Bank, L&T, Hero Motor Corp, Bajaj Finance, M&M, Maruti, HDFC Bank, Induslnd Bank, Tata Steel along with the likes of Bharti Airtel, Sun Pharma and Nestle India who were in red on the Bombay Stock Exchange.
Prime Minister Narendra Modi addressed the nation on Tuesday about the COVID-19 situation in the country and the way forward. In the 33 minutes long speech, the key highlight was the announcement of a cumulative economic relief package of Rs. 20 lakh crores. This would help the country to be self-reliant, he said.
Praise for the Government’s move
Niranjan Hiranandani, the President of ASSOCHAM and NAREDCO, appreciated the efforts of the Modi government and said,
“Long-awaited announcement of a fiscal stimulus package of Rs. 20 lakh core nearly 10 percent of the Indian GDP is truly commendable – a shot in the arm to revive the drowning economy. The economic package is meant for labors 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.”
In his speech, the Prime Minister admitted that the novel coronavirus is going to stay with us for a while and said that we have to move ahead. He also said that there will be a fourth phase of the lockdown which will be different from the previous ones and the complete details will be announced before the 18th of May when the current lockdown is scheduled to end.
In the closing session on Tuesday, the Sensex fell over 190 points due to the massive loss suffered by heavyweight Reliance Industries as fears of the second wave of coronavirus is haunting the global investors.
Source: Free Press Journal
