Sensex ends 637 points higher after Rs 20 lakh crore COVID-19 package announcement

Equity benchmark indices closed over two per cent higher on Wednesday as Union Finance Minister Nirmala Sitharaman readied to unveil details of the Rs 20 lakh crore economic stimulus package.

A day earlier, Prime Minister Narendra Modi had announced the package amounting to 10 per cent of the GDP for alleviating the pain caused by COVID-19 pandemic.

He also said the countrywide lockdown will extend post-May 17 with new rules to allow more industrial and business activities.

The BSE SandP Sensex closed 637 points or 2.03 per cent higher at 32,009 while the Nifty 50 edged higher by 187 points or 2.03 per cent at 9,384.

Except for Nifty pharma and FMCG, all sectoral indices at the National Stock Exchange were in the positive zone with Nifty private bank up by 6.5 per cent, realty by 3.6 per cent, financial service by 3.3 per cent and auto by 2.3 per cent.

Among stocks, private lenders gained the most with Axis Bank advancing by 7 per cent to Rs 413.95 per share and ICICI Bank by 4.8 per cent to Rs 336.80.