“The RBVI measures could include a repo rate cut, further OMOs, LTROs, CRR cut, cap on reverse repo, liquidity injection to MF and insurance companies, relief on retail EMIs, relaxation of provisioning norms,” said Abhishek Goenka, Founder & CEO, IFA Global .
This comes after the finance minister announced a Rs 1.7 lakh crore stimulus to help the economy tide over the crisis. The stimulus includes food security measures and direct cash transfers targeted at lower income groups.
BSE flagship Sensex jumped 993 points to 30,940 while NSE benchmark Nifty added 356 points to 8,997. Broader market indices were in-line with their headline peers as Nifty Smallcap rallied 3.68 per cent while Nifty Midcap advanced 3.11 per cent. Nifty 500 was up 3.46 per cent.
IndusInd Bank continued to surge as the scrip soared 15 per cent to Rs 502. It had vaulted 45 per cent on Thursday. Its peers Axis Bank, SBI, HDFC Bank and ICICI Banka lso gained 5-10 per cent.
Bajaj Finance, HDFC, L&T and M&M were among other major gainers among 30-share pack Sensex. Meanwhile, ONGC, HCL Tech, Bajaj Auto, Hero Moto and Bharti Airtel fell up to 3.35 per cent.
India VIX, the measure of volatility in the market, dropped further 4.8 per cent to 68.09.
All sectoral indices were trading in green on NSE with Nifty Private leading from the front. It was up 7.66 per cent while NIfty PSU Bank jumped 5.15 per cent. Nifty Financial Services and Nifty Realty were among other gainers.
Equity investors got richer by Rs 2,88 lakh crore as the total market cap of BSE-listed firms rose to Rs 115.87 lakh crore.
Globally, Asian stocks rose on Friday as investors wagered policymakers will roll out more stimulus measures to combat the coronavirus pandemic after US unemployment filings surged to a record.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.2 per cent. Australian shares gave up gains to fall 1.09 per cent, but Japan’s Nikkei rose 1.44 per cent.
E-Mini futures for the S&P 500 reversed course and fell 0.95 per cent in Asia following three consecutive days of gains in the S&P 500 on Wall Street.
