Closing Bell: Sensex Skyrockets Over 1,400 Points, Nifty Above 8,600

Equity benchmark Sensex skyrockets for the third straight day when it surged by another 1,411 points. Finance Minister Nirmala Sitharaman announced a stimulus package worth Rs 1.70 lakh crore to cushion the impact of the coronavirus lockdown in the country.

The 30-share BSE barometer rallied 1,410.99 points or 4.94 per cent to settle at 29,946.77. It surged over 1,564 points during the session. Similarly, the NSE Nifty finished 323.60 points, or 3.89 per cent, up at 8,641.45.

IndusInd Bank was the top gainer in the Sensex pack, rallying up to 46 per cent. Other winners were Bharti Airtel, L&T, Bajaj Finance, Kotak Mahindra, Bajaj Auto, HUL and HDFC -- rising up to 10 per cent. On the other hand, Maruti Suzuki, Tech Mahindra, Sun Pharma and Reliance Industries closed with losses. In an effort to cushion the economic blow of the 21-day lockdown in wake of the Covid-19 pandemic, Finance Minister Sitharaman announced a slew of measures to help citizens survive the crisis.

The Rs 1.70 lakh crore 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.

Talking about international market, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended significantly lower. Benchmarks in Europe were also trading in the red. International oil benchmark, Brent crude futures fell 2.15 per cent to USD 26.80 per barrel.

The number of COVID-19 cases climbed to 649 in India and the death toll rose to 13, with one death reported each from Gujarat, Tamil Nadu and Madhya Pradesh, according to the Health Ministry.

Rupee rises 84 paise against USD after govt announces welfare measures to fight COVID-19

The Indian rupee appreciated further by 84 paise to 75.10 against the US dollar in intra-day trade on Thursday after Finance Minister Nirmala Sitharaman announced various welfare measures to fight the coronavirus pandemic. Forex traders welcomed the government initiatives and said the measures showed that the government is willing to take hard steps to fight the Covid-19 pandemic.

The rupee which opened on a positive note at 75.90, gained further momentum and touched a high of 75.10 against the US dollar, registering a rise of 84 paise over its previous closing.