A day after logging 2 percent gains, equity benchmarks the Sensex and the Nifty plunged nearly 3 percent on May 14, mainly on account of profit-booking following weak global cues.
The Sensex wiped out all gains it registered after Prime Minister Narendra Modi announced a stimulus package of Rs 20 lakh crore on May 12.
Sensex plunged 886 points, or 2.77 percent, to 31,122.89, while Nifty cracked 241 points, or 2.57 percent, to 9,142.75.
Even as Finance Minister Nirmala Sitharaman on May 13 shared the details of the first tranche of Rs 20 lakh crore relief package, investors are looking for more clarity before assessing the impact of the stimulus on the economy and the market.
Top global brokerages believe the move is positive but the implementation of these measures will be vital to improving the flow of credit.
The FM will at 4 pm on May 14 share more details of the stimulus, which is said to be around 10 percent of India’s GDP.
“The comprehensive range of announcements made by the Finance Minister under Aatma Nirbhar package, yesterday, focused on MSME sector, easing of credit flow and liquidity in the financial system, lending a helping hand to industry, kick start production, protect jobs and increase funds' disposal at the hands of the common man,” said Aamar Deo Singh, Head Advisory, Angel Broking.
"However, more is expected today too, with the focus now shifting towards agriculture, which employs more than 50 percent of the workforce and also, retail traders which form a sizeable chunk. Apart from this, any steps taken to alleviate the sufferings of both industry and masses is more than welcome."
COVID 19 :-
India’s count of confirmed coronavirus cases has risen to 78,003. The rise in infections despite an almost two-month lockdown has investors worried over with fears of a huge economic fallout.
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