India Stock Market All-time High After US Announces $2 Trillion Stimulus Package
While the whole of India is under a 21-day lockdown, India Stock Market all-time high after 11-year in terms of percentage gain today. Experts believe that the US’s move to initiate COVID-19 relief stimulus package has positively affected investor sentiments and that has eased up the stock market tension.
While Nifty closed 6.62% higher at 8,317.85, Sensex surged by 6.98% at 28,525.06. What comes across as a record since 2009, Reliance Industries shares also closed at about 15% higher. HDFC Bank surged by 12% while the State Bank of India saw a rise of about 4%. On a wider prospect, both Asian, as well as European shares, surged after the US granted a $2 trillion fiscal stimulus package. Under this initiative, the US is expected to roll out $500 billion in direct payments to people and $500 billion in liquidity assistance.
The Indian government announced a 21-day countrywide lockdown effective from 25th March. It also assured to roll out stimulus in a quest to stabilize the economy. Experts like Anita Gandhi, director at Arihant Capital Markets in Mumbai, are expecting that the GoI will soon roll out relief stimuli for the economy.
On the other hand, leading Indian stock exchanges NSE and BSE confirmed that they will continue operations under the lockdown phase as well.