Sensex rises by 1470 points to open at 32845 Gap-up profit

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(Gujarat News Correspondent) Mumbai, 13 May 2020, Wednesday

Prime Minister Narendra Modi yesterday announced a self-sufficient economic package of up to Rs 50 lakh crore to provide relief to the poor, middle class and industries in the global economic crisis caused by the Corona epidemic. Did. Before Finance Minister Nirmala Sitharaman began outlining this massive package this evening, the index saw a sharp rise as funds started booking profits in FMCG stocks and trading profits in other stocks after a tumultuous rally in stocks.

While Indian companies are downgrading amid fears that India's economic policies will be similar to those of the United States in the coming days, India is now in the process of downgrading its foreign policy, with many foreign MNCs at risk of being hit by the policy change. The boom was seen as a sell-off in caution. Corporate results were also seen to have a negative impact.

Banking-Finance, Capital Goods-Power, Automobile, Consumer Durables, Oil-Gas stocks attracted the Sensex to close at 3191.15 against the previous close. With the rise, Prime Minister Modi's mission to become self-reliant has led to a massive offloading in FMCG stocks, including MNC Giant Nestle India and Hindustan Unilever. It had closed at 2007.81. The Nifty spot opened at 7.30 points, opening at 2.50 against the previous close of 218.9, and returned to the bottom of the highs. Profit bookings fell to 21.10 and ended at 18.5, up 12 points.

The decision to provide a mortgage-free Rs 3 lakh auto loan to MSMEs was taken this evening as part of the package and before providing Rs 2,000 crore liquidity for NBFCs and Rs 30,000 crore for DISCOM, short-covering of funds in banking-finance stocks. The index jumped 3.4 points to close at 206.11. Axis Bank rose by Rs 2.15 to Rs 316.5, ICICI Bank by Rs 19.50 to Rs 2.50, State Bank of India by Rs 2.50 to Rs 16.10, Federal Bank by Rs 1. 30 increased to Rs. 3.15, RBL Bank increased by Rs. 2.50 to Rs. 121.30, HDFC Bank increased by Rs. 2.50 to Rs. 4.5, Kotak Mahindra Bank increased by Rs. , City Union Bank rose by Rs 1.5 to Rs 12.50. Among finance stocks, Indiabulls Housing Finance rose by Rs 19.50 to Rs 19.5, REC by Rs 11.50 to Rs 100.50, Canara Bank by Rs 3 to Rs 2.50, Hudco by Rs 4.5 to Rs. 2.50, DCB Bank increased by Rs. 2.50 to Rs. 2.50, Mahindra Financial increased by Rs. 12.5 to Rs. 15, Power Finance Corporation increased by Rs. 2.50 to Rs. 2.50, IDFC First Bank by Rs. 1.50 to Rs. 31.8, L&T Finance Holdings to Rs. Were hya.

Automobile stocks also saw short covering today in anticipation of an increase in demand for vehicles in the coming days due to major concessions by the central government to the MSME sector and major concessions in the agricultural sector. Mahindra & Mahindra rose by Rs 13.5 to Rs 310.5, Apollo Tire by Rs 2.50 to Rs 4.5, Hero Motcorp by Rs 2.50 to Rs 31151.50, MRF by Rs 2110.10 Rs 3,51, Motherson Sumi up Rs 4.5 to Rs 2.50, Cummins India up Rs 4.5 to Rs 2.10, Amarraja Batteries up Rs 12.5 up to Rs 30.50, Maruti Suzuki Rs 8.10 to Rs 303.5.

Shares of FMCG MNCs were seen eroding today amid the possibility that India's economic policy will now be based on defensive-indigenization. Among the special FMCG stocks, Nestle India fell by Rs 4.5 to Rs 19,312.50, Future Consumer by Rs 4.05, Hindustan Unilever by Rs 19.15 to Rs 19.10 and Britannia by Rs 4.5 to Rs. 2031.9, ATFL fell by Rs. 2.50 to Rs. 313.5, Procter & Gamble fell by Rs. 104.5 to Rs.

Power-capital goods stocks rose today as the government provided Rs 90,000 crore to discom companies.

Stimulus package attraction Small, mid-cap, cash stocks declined today, the market breadth remained positive with value buying in many stocks. Out of the total 6 scrips traded on the BSE, the number of decliners was 217 and the number of gainers was 19. The only seller in 203 stocks was the lower circuit, as opposed to the upper circuit in 201 stocks. FII-FPI investors had a net sale of Rs 3.5 crore in cash today-Wednesday. Of this, a total of Rs 2.7 crore was sold against a total purchase of Rs 216.10 crore. On the other hand, DII-domestic institutional investors had a net sale of Rs 2.5 crore in cash today. A total of Rs 216.5 crore was sold against a total purchase of Rs 4.5 crore. With the massive rally in stocks today, the accumulated market capitalization of stocks listed on the BSE - investors' wealth rose by Rs 1.5 lakh crore in a single day to Rs 12.5 lakh crore.

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