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Equity benchmark <keyword id="6484188" type="DEFINITION" weightage="20" keywordseo="sensex">Sensex</keyword> rallied over 1,400 points in opening session on Wednesday as <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-narendra-modi">Prime Minister Narendra Modi</keyword>'s Rs 20 lakh crore stimulus package to revive the coronavirus-hit economy boosted domestic investor sentiment. After touching a high of 32,845.48, the 30-share index pared some early gains to trade 818.68 points or 2.61 per cent higher at 32,189.80. Similarly, NSE Nifty soared 213.50 points, or 2.32 per cent, to 9,410.05. ICICI Bank was the top gainer in the Sensex pack, surging around 7 per cent, followed by L&amp;T, Axis Bank, Bajaj Finance, Hero MotoCorp, M&amp;M, UltraTech Cement and Maruti. On the other hand, <keyword id="6356830" type="ORGANIZATION" weightage="20" keywordseo="nestle-india">Nestle India</keyword>, <keyword id="6354287" type="UNKNOWN" weightage="20" keywordseo="bharti-airtel">Bharti Airtel</keyword>, <keyword id="44642" type="CITY" weightage="20" keywordseo="Sun-Pharma">Sun Pharma</keyword> and <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> were trading in the red. In the previous session, the BSE barometer settled 190.10 points or 0.60 per cent lower at 31,371.12, and broader Nifty declined 42.65 points, or 0.46 per cent, to 9,196.55. Foreign portfolio investors offloaded equities worth Rs 1,662.03 crore in the capital market on Tuesday, provisional exchange data showed. According to analysts, domestic investors cheered the government's massive stimulus package to revive the pandemic-stricken economy. The Prime Minister on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore. He said the package will be around 10 per cent of the GDP and "will play an important role in the 'Atmanirbhar Bharat Abhiyan' (self-reliant India campaign). The special economic package will have emphasis on land, labour, liquidity and laws, and will be for "our labourers, farmers, honest tax payers, MSMEs and cottage industry", Modi said. Meanwhile, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses as fears of a second wave of coronavirus infections gripped global markets. On Wall Street, stock exchanges settled on a negative note. International oil benchmark Brent crude futures were trading 1.53 per cent lower at USD 29.52 per barrel. In India, the death toll due to COVID-19 rose to 2,415 and the number of cases climbed to 74,281, according to the health ministry. Globally, the number of cases linked to the disease has crossed 42.61 lakh and the death toll has topped 2.91 lakh. SEE ALSO: <a href="https://www.businessinsider.in/india/news/how-corporate-india-reacted-to-modis-stimulus-package/articleshow/75692607.cms">This is how corporate India reacted to Modi’s stimulus package</a> <a href="https://www.businessinsider.in/business/corporates/maruti-suzuki-share-price-investors-expect-sales-and-margin-to-shrink/articleshow/75708285.cms">Maruti Suzuki saw a sales decline of 16% in Jan-March⁠— investors wait to see the margin squeeze</a> <a href="https://www.businessinsider.in/finance/news/kotak-mahindra-bank-earnings-and-share-price-expectation/articleshow/75707938.cms">Kotak Mahindra Bank's earnings may reflect the pain in India’s auto sector as well as the rising job losses and pay cuts</a>

Modi's stimulus package gets Indian markets excited — Sensex zooms over 1,400 points

Mumbai, May 20 () The stimulus package announced by Finance Minister Nirmala Sitharaman "fails to involve" banks in the economic revival process, a member of the Reserve Bank of India's central board said on Wednesday. The stimulus package is "imaginative and forward looking, yet fails to involve banks as frontline warriors in revival of economy," Satish Marathe, a member of RBI's central board, said in a social media post. Sitharaman had announced a series of measures following Prime Minister Narendra Modi's announcement of a Rs 20 lakh crore stimulus package to help the economy. Marathe shared a viewpoint from analysts at rating agency Crisil's research wing, which is sceptical about the near-term benefits of the package to make his point. He said the three-month moratorium offered for loan repayments announced by Reserve Bank of India (RBI) is "not enough" and also listed out other expectations for the benefit of the banking sector. These include relaxations in non performing asset (NPA) and provisioning, he said. Marathe, who has been deeply associated with the cooperative banking sector, said all these "norms need to be part of the stimulus for putting India once again on the growth trajectory". It can be noted that industry bodies have also been pitching to the RBI for relaxations on aspects like moratorium, NPA recognition and provisioning. The package announced by Sitharaman has been termed as "maximum bang for the minimum buck" by an analyst for the very low impact on the fiscal math and dependence on other factors like guarantees to achieve the impact. According to estimates, its fiscal impact varies from 1-2 per cent of the GDP, while Modi had mentioned that the measures will entail a stimulus close to 10 per cent of the GDP. However, most of the analysts have welcomed the long-term potential of the moves, especially the long awaited reforms, but have been sceptical about its short-term impact on growth. Many analysts believe the Indian GDP will contract despite the stimulus package, with some pegging the decrease in the economy at as high as 5 per cent. AA DRR DRR

Stimulus package fails to involve banks as frontline warriors in economic revival: Satish Marathe

Mumbai, May 13 () Equity benchmark BSE Sensex zoomed 637 points on Wednesday, driven by gains in banking stocks ahead of Finance Minister Nirmala Sitharaman's press conference to unveil provisions of the Rs 20 lakh crore stimulus package announced by the government. Prime Minister Narendra Modi's announcement of the massive economic stimulus to revive the coronavirus-hit economy boosted domestic investor sentiment, traders said. After rallying 1,474.36 points during the day, the 30-share index surrendered some early gains to settle 637.49 points or 2.03 per cent higher at 32,008.61. Similarly, the NSE Nifty jumped 187 points, or 2.03 per cent, to finish at 9,383.55. Axis Bank was the top gainer in the Sensex pack, surging around 7 per cent, followed by Ultratech Cement, L&amp;T, ICICI Bank, SBI, M&amp;M and Bajaj Finance. On the other hand, Nestle India, Sun Pharma, Bharti Airtel and HUL ended in the red. The Prime Minister on Tuesday announced a massive new financial package on top of the previously announced measures for a combined stimulus of Rs 20 lakh crore. He said the package will be around 10 percent of the GDP and "will play an important role in the 'Atmanirbhar Bharat Abhiyan' (self-reliant India campaign)", adding that the "announcements made by the government so far, the decisions of the RBI and today's package totals to Rs 20 lakh crore." The special economic package will have emphasis on land, labour, liquidity and laws, and will be for "our labourers, farmers, honest tax payers, MSMEs and cottage industry", Modi said. On the currency front, the rupee appreciated by 5 paise to provisionally close at 75.46 against the US dollar. Meanwhile, bourses in Shanghai and Seoul ended with gains, while Hong Kong and Tokyo closed in the red. Stock exchanges in Europe started off with significant losses. International oil benchmark Brent crude futures slipped 1.30 per cent to USD 29.59 per barrel. ANS ABMABM

Sensex rallies 637 pts on govt stimulus boost; banking stocks soar

Mumbai, May 13 () The rupee appreciated by 5 paise to 75.46 (provisional) against the US dollar on Wednesday as fiscal stimulus by the government bolstered investor sentiment.Forex traders said Prime Minister Narendra Modi's Rs 20 lakh crore economic stimulus package enthused investors.However, risk sentiments are negative and investor sentiments remain fragile over coronavirus concerns, they added.At the interbank foreign exchange, the rupee opened on a strong note at 75.31, but during the day the domestic unit lost most of its gains and finally settled at 75.46 against the US dollar, registering a rise of 5 paise over its previous close.During the trading session rupee witnessed an intra-day high of 75.30 and a low of 75.50.On Tuesday, the rupee had settled at 75.51 against the US dollar.In a big push to revive the COVID-hit economy, the Prime Minister on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore."The surprise move of fiscal stimulus by the government had a positive impact on rupee. However, globally, risk sentiments are negative and we have no clarity over the government expenditure plan," Emkay Global Financial Services Head of Research- Currency Rahul Gupta said.Gupta further noted that "positive comments by Finance Minister Nirmala Sitharaman may cheer rupee but it will be short-lived as the fragility over coronavirus still continues". DRR BAL

Rupee settles 5 paise higher at 75.46 against US dollar

Mumbai, May 13 () Snapping a two-session losing streak, the BSE Sensex vaulted 637 points on Wednesday as investors cheered the government's Rs 20 lakh crore stimulus package for the coronavirus-hit economy. After rallying 1,474.36 points during the day, the 30-share benchmark surrendered some gains to settle 637.49 points or 2.03 per cent higher at 32,008.61. Similarly, the NSE Nifty jumped 187 points, or 2.03 per cent, to finish at 9,383.55. Indices retreated from intra-day highs as participants awaited details of the stimulus package from the finance minister, traders said. Axis Bank was the top gainer in the Sensex pack, spurting 7.02 per cent, followed by UltraTech Cement, L&amp;T, ICICI Bank, SBI, M&amp;M and Bajaj Finance. Only four index constituents ended in the red -- Nestle India, Sun Pharma, HUL and Bharti Airtel, shedding up to 5.38 per cent. Prime Minister Narendra Modi had on Tuesday announced the new financial package on top of the previously announced measures for a combined stimulus of Rs 20 lakh crore to revive demand and jumpstart growth. "The much-awaited stimulus package announced by the PM cheered the investors on Wednesday which triggered a decent up move in the benchmark as well. "The index witnessed a huge gap up opening and it remained range-bound thereafter. Most sectoral indices, barring defensive, participated in the move and posted handsome gains," said Ajit Mishra, VP - Research, Religare Broking Ltd. BSE capital goods, industrials, bankex, realty, finance and basic materials indices rallied up to 5.08 per cent, while healthcare, FMCG and telecom closed lower. Broader midcap and smallcap indices climbed up to 1.97 per cent. Giving details of the stimulus package in a post-market hours press briefing, Finance Minister Nirmala Sitharaman announced Rs 3 lakh crore collateral-free automatic loans for businesses, including MSMEs, as well as Rs 30,000 crore liquidity facility for NBFCs, among other measures. Meanwhile, global markets were mixed as investors took stock of the gradual reopening from coronavirus-related shutdowns. Bourses in Shanghai and Seoul ended with gains, while Hong Kong and Tokyo closed in the red. Stock exchanges in Europe started off with significant losses. On the currency front, the rupee appreciated by 5 paise to provisionally close at 75.46 against the US dollar. International oil benchmark Brent crude futures slipped 1.30 per cent to USD 29.59 per barrel. ANS ABMABM

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Modi's stimulus package gets Indian markets excited — Sensex zooms over 1,400 points

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Stimulus package fails to involve banks as frontline warriors in economic revival: Satish Marathe

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Sensex rallies 637 pts on govt stimulus boost; banking stocks soar

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Rupee settles 5 paise higher at 75.46 against US dollar

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Markets back to winning ways on stimulus lift; Sensex reclaims 32k-mark

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