Indian stock markets might be back to normal tomorrow, hope market experts
- The BSE Sensex gained 1,410 points to close at 29,165.
- The American government approved a massive $2 trillion economic stimulus, which helped Indian exchanges open in the green.
- SP Tulsian told CNBCTV18 that the markets will come back to ‘normal’ from tomorrow and is betting on banking stocks.
AdvertisementAfter a long delay, Indian government today announced a ₹1.7 lakh crore stimulus package. Even as the BSE Sensex shed over 500 points while the finance minister Nirmala Sitharaman was speaking, the stock markets closed in the green - a feat that has become a rarity in the markets recently.
The BSE Sensex gained 1,410 points to close at 29,165. However, it is lower than the intraday high of 30,048 indicating that investors expected more from the package. Nifty gained 323 points to close at 8,641 today (March 26).
The US government’s stimulus might have had a hand in the market performance than that of the Indian government. The American government approved a massive $2 trillion economic stimulus, which helped Indian exchanges open in the green.
Sitharaman’s package doled out basic necessities to the “poorest of the poor”, and no aid to the industry. Aviation, hospitality and other sectors have been seeking it after India sealed its borders. When reporters asked about more possible stimulus, she evaded it saying that this stimulus was about aiding people.
However, market experts believe that another stimulus is in the offing. "This is a package for lockdown impacted segments. Industry-specific measures are likely to be announced in the next package,” V Vijayakumar, chief investment strategist of Geojit Financial Services told PTI.
Stock market experts also believe that the endless losing streak seen in the markets for the last few weeks, might finally end. “From tomorrow everything will be normal. I am positive on stocks like IT and banks. I am extremely cautious about stocks like Yes Bank and Jubilant Foods,” top market expert SP Tulsian told CNBCTV18.
|Top gainers at 3:30 pm
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IndusInd Bank continued to maintain its stellar run and gained by 40%. Telecom giants Bharti Airtel and its subsidiary Infratel took over the top five gainers position from ICICI Bank and Axis Bank. Tech giants like HCL, Tech M and Reliance were among the top losers on NSE.
|Top losers at 3:30 pm
READ ALSO: These are the highlights of the Finance Minister’s speech on financial stimulus to battle the impact of coronavirus lockdown
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