Sensex zooms 1,600 points as govt may announce package for coronavirus-hit sectors
BusinessToday.In March 20, 2020
Sensex and Nifty zoomed in afternoon trade today a day after the government announced an economic taskforce to fight the coronavirus outbreak. While Sensex rose 1,628 points to 29,916, Nifty gained 400 points to 8,670. All Sensex components except HDFC Bank and IndusInd Bank were trading in the green.
ONGC (14.81%), TCS (12.33%) and HCL Tech (9.84%) were the top Sensex gainers.
All 19 BSE sectoral indices were trading in the green. BSE bankex which lost 13,168 points since February 12 traded 547 points higher at 23,443. Bank Nifty too rose 352 points to 20,435. Banking stocks have been the biggest losers since coronavirus outbreak roiled Sensex and Nifty.
IT and oil and gas stocks led the gains with the BSE IT index zooming 1,208 points to 12,598. BSE oil and gas index gained 585 points to 9,983. Market breadth was positve with 1,417 stocks rising against 812 falling on BSE. 119 stocks were unchanged.
According to sources, Finance Minister Nirmala Sitharaman will hold a meeting with MSME Minister Nitin Gadkari, Animal Husbandry Minister Giriraj Singh, Civil Aviation Minister Hardeep Singh Puri and Tourism Minister Prahlad Singh Patel to assess the situation in order to work out a package.
The government is likely to announce an economic package to affected businesses and industries as a relief from the economic downfall from the virus pandemic.
PM Narendra Modi also announced related measures pertaining to combat the virus outbreak yesterday at 8 pm, that further strengthened market sentiments.
By Aseem Thapliyal