Indian indices surged over 2 percent on Wednesday after Prime Minister Narendra Modi announced a Rs 20 lakh crore economic stimulus to fight the economic impact of coronavirus-led lockdown. Finance Minister Nirmala Sitharaman is likely to announce the breakup of the lump sum amount at a press conference at 4 pm.

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The Sensex settled 637 points higher at 32,008, while the Nifty rose 187 points to 9,383.

India has more than 70,000 cases and PM Modi said strict stay-at-home orders would be extended beyond May 17 with a new set of rules. In an address to the nation, he said the package was equivalent to 10 percent of India’s gross domestic product, and was aimed at the multitudes out of work and the businesses reeling under the prolonged shutdown.

However, global stocks fell as fears about a second wave of coronavirus infections gripped financial markets. MSCI’s index of global shares was down 0.3 percent.

Back home, Zee, Axis Bank, L&T, UltraTech Cement, and Adani Ports were the top gainers on the Nifty50 index while Nestle, Sun Pharma, Bharti Airtel, Britannia, and TCS led the losses.

Both Nifty Midcap and Nifty Smallcap indices also rose around 2.5 percent each for the day.

Most sectoral indices were also positive led by PSU Bank index, up over 6 percent. Nifty Bank also rose over 4 percent, while Nifty Fin Services added 3.4 percent. Nifty Auto and Nifty Metal also rose over 2 percent each. However, Nifty Pharma and Nifty FMCG ended in the red, down 1 percent and 0.4 percent respectively.

Nestle fell 5 percent despite reporting earnings better than expectations and Kotak Mahindra Bank was up 3 percent after reporting operationally strong earnings.

First Published:May 13, 2020 3:36 PM IST