Markets End Sharply Higher, Await Economic Package Details From FM

Benchmark indices ended the day higher, after Prime Minister Narendra Modi announced a stimulus package of Rs 20 lakh crores to be detailed later today by Finance Minister, Nirmala Sitharaman.

The Sensex ended the day higher by 637 points, while the Nifty ended the day higher by 187 points. As was largely anticipated, banking and NBFC stocks led the rally.

Heavy buying was particularly seen in some of the NBFC stocks like L&T Finance Holdings, which jumped as much as 7 per cent in trade.

Bandhan Bank had a very good day, with the stock up near 7 per cent. The bank posted a pretty good set of results, despite worries over rising NPAs and slowing growth. IndiaBulls Housing Finance, REC, Canara Bank, and IDFC First Bank were among the gainers from the banking and NBFC space. This was largely in anticipation of the economic stimulus package.

Pharma stocks ended the day weak with Sun Pharma, Aurobindo Pharma and Lupin among the losers. Shares in Bank of Baroda surged after a large trade in the stock.

Among the Nifty stocks that lost ground were Nestle, Britannia, HUL and Bharti Airtel. Meanwhile, most European stocks were trading with losses, on worries over the Covid 19 infections resurfacing.