Thu, 18-Aug-2022
Thursday 26 Mar 2020 , 11:21 am

Lockdown Effect: India’s Relief Package for Poor Fails to Impress Investors

Both the NSE Nifty 50 index and S&P BSE Sensex which were up nearly 5% as the finance minister began addressing the media, pulled back soon after.
By SIN Bureau
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Indian shares pulled back in afternoon trade on Thursday after the government’s 1.7 trillion rupee ($22.58 billion) relief package for the poor amid a nationwide lockdown failed to impress investors.

India's Finance Minister Nirmala Sitharaman
India's Finance Minister Nirmala Sitharaman

Two days after India ordered a 21-day nationwide lockdown to contain the spread of the virus outbreak, Finance Minister Nirmala Sitharaman announced relief for the poor that included direct cash transfers and food security measures.

Both the NSE Nifty 50 index and S&P BSE Sensex which were up nearly 5% as the finance minister began addressing the media, pulled back soon after.

Nifty was last up 2.6% at 8,539.99 by 0848 GMT, while Sensex was 2.8% higher at 29,353.24.

The Nifty has climbed 9% in the last two sessions as global sentiment improved as governments considered stimulus plans, but the blue-chip index is still down some 30% since the start of this year as stock markets everywhere are pummelled by the pandemic.

The outbreak has infected over 550 Indians and killed 10. Earlier this week, Indian stocks suffered their worst single-day rout in history and the rupee plunged to a new all-time low in a selling frenzy.

In Mumbai, financial stocks were the biggest boost with shares of Indusind Bank Ltd soaring over 30% and Axis Bank Ltd adding nearly 11%. The Nifty Bank index which was up over 5% trimmed gains to trade 3% higher.

The Nifty Realty index which jumped nearly 7% was last trading 4% higher.

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Neha Mule

Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.

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