Economic Package Impact: Sensex Surges 1,000 Points

Benchmark indices jumped in trade, despite weak global cues, as investors cheered the Rs 20 lakh crores economic package announced by the Prime Minister.

The Sensex was last seen trading higher by 962 points, as banking stocks led the rally. ICICI Bank, Axis Bank and HDFC Bank were among the big gainers in trade.

Jubilant Lifesciences shares rallied after the Company signed a deal with Gilead for production of Remdesivir to fight COVID-19. The shares were locked at the upper end of the circuit filter.

Shares in Vedanta Ltd were trading 10 per cent higher after the promoter group of Vedanta Resources said it plans to acquire the fully paid-up shares of Vedanta Ltd that are held by public shareholders to facilitate a delisting. The price being offered to the shareholders is Rs 87.50 per share.

Maruti Suzuki saw its share price rally ahead of the board meeting to announce quarterly numbers. The shares were last seen trading higher by 6.6 per cent at Rs 5,281.

Bandhan Bank too saw gains of 7 per cent, despite a fall in its net profits after the bank reported better than expected results.

Meanwhile, most of the Asian markets were trading with losses, following weak overnight cues from across the US markets.