sensex today: Sensex jumps over 1,000 points as banks, IT stocks surge; Nifty above 8,900

NEW DELHI: Equity indices on Friday started the day on a positive note with the benchmark BSE sensex rising over 1,000 points in opening session — led by gains in banking, financial and IT stocks — after the government announced Rs 1.7 lakh crore stimulus package for segments hit by coronavirus-led lockdowns.
The 30-share index rose 1,141 points or 3.81 per cent to trade at 31,088; while the broader NSE Nifty surged 326 points or 3.78 per cent to 8,968.
IndusInd Bank was the top gainer in the sensex pack with it’s shares up 14.99 per cent, followed by Axis Bank, SBI, Bajaj Finance, ICICI Bank and HDFC Bank rising up 10 per cent.
On NSE, sub-indices Nifty Bank, Private Bank and PSU Bank outperformed by rising as much as 7.68 per cent.
Markets surged ahead of Reserve Bank of India (RBI) governor Shaktikanta Das’s press address scheduled for 10 am. Many largely expect the central bank to cut interest rates to help tide an already slowing economy threatened by the pandemic.
In an effort to cushion the economic blow of the 21-day lockdown in wake of the Covid-19 pandemic, finance minister Nirmala Sitharaman on Thursday announced a slew of measures worth Rs 1.70 lakh crore to help citizens survive the crisis.
The economic package involves free food grains and cooking gas to poor for the next three months, one-time doles to women and poor senior citizens, higher wages to workers and measures to boost liquidity of employees. The scheme will be implemented with immediate effect.
Domestic markets have been driven by optimism on $2 trillion package to US economy and also in anticipation of an economic package by the RBI for the Indian economy.
After the worst-ever crash on Monday, the sensex has recovered by 3,965.53 points or 15.26 per cent over the last three sessions. Likewise, the NSE Nifty has regained 1,031.20 points or 13.55 per cent in three days.
On the global front, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note.
Stocks on Wall Street ended with firm gains in overnight trade.
Meanwhile, the Indian rupee appreciated 51 paise to 74.65 against the US dollar in morning trade.
Brent crude futures, the global oil benchmark, rose 0.87 per cent to $26.57 per barrel.
(With agency inputs)

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