Investors were encouraged by reports that the US Senate has passed a $2 trillion coronavirus relief package while a separate report said the Indian government was likely to agree an economic stimulus package of more than Rs 1.5 trillion to fight the downturn caused by the coronavirus outbreak.
Frontline index S&P BSE Sensex was up 1,500 points, or 5.2 per cent, at 30,026 levels, and the Nifty50 index hovered around 8,710 level, up 391 points, or 4.73 per cent.
Among individual stocks, IndusInd Bank bucked its downtrend to surge 35 per cent intra-day. Besides, ICICI Bank and HDFC (both up 12 per cent) and HDFC Bank (up 8 per cent) were among the top contributors to Sensex’s up move.
All the Nifty sectoral indices were trading in the green, led by Nifty Private Bank index, up over 10 per cent. Nifty Bank index also rose 9 per cent.
In the broader market, the S&P BSE MidCap index was up 3.8 per centand the S&P BSE SmallCap index surged 4.7 per cent.
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