Benchmark indices Sensex and Nifty end higher after Centre announces relief measures

After Union Finance Minister Finance Minister Nirmala Sitharaman announced a slew of relief measures in the wake of the novel coronavirus crisis, the benchmark indices ended in the green on Tuesday. The Sensex was up 692.79 points or 2.67% at 26,674.03, while Nifty was up 190.80 points or 2.51% at 7,801.05. Nearly 927 shares have advanced, 1310 shares declined, and 145 shares are unchanged. Some of the biggest gainers on the Nifty were Infosys, Adani Ports, Britannia Industries, Bajaj Finance while the losers were Yes Bank, IndusInd Bank, and Power Grid Corp. 

Read: Markets In Freefall: Sensex Tanks 1,709 Pts To End Below 29k, Nifty Gives Up 8,500-mark

Worst-ever single-day crash on Monday

This development comes a day after the Indian stock market witnessed its worst-ever single-day crash. While Sensex plummetted 3,935 points or 13.15% to close at 25,981.24, Nifty went down 1,135.20 points or 12.98% to settle at 7,610.25. As per reports, investors panicked amid several states across the country announcing a lockdown as the number of novel coronavirus cases continues to surge. Moreover, the Indian rupee plunged below the 76-level (intra-day) for the first time. During the press briefing on Tuesday, Sitharaman stated that the Reserve Bank of India and the Finance Ministry were working together to monitor the volatility in the stock market.

Centre announces measures

The measures declared by the government included extending the last date to file IT returns and composition returns to June 30, making customs clearance an essential service, relaxing the mandatory requirement of board meetings for a period of 60 days and so forth. Furthermore, Debit cardholders can withdraw cash from any bank’s ATM free of charge for the next three months. She stated that the Centre would unveil a financial relief package very soon. 

The coronavirus crisis

492 confirmed cases of the novel Coronavirus with 9 deaths have been reported in India. The Centre announced stringent measures to combat the novel Coronavirus crisis. For instance, international flights were barred to land in India from March 22 for a week. Additionally, the Centre has directed the state governments to advise the people below the age of 10 and above the age of 65 to remain at home.

The state governments have also been instructed to enforce work from home for private-sector employees barring for those working in emergency or essential services. Janta Curfew was observed on March 22 where people did not come on the road from 7 am to 9 pm. On Monday, it was declared that domestic flights would also not be operational from midnight of March 24 until March 31. Currently, a total lockdown has been imposed in 32 states and Union Territories. 

Read: Sensex Loses Over 1600 Points, Nifty Plunges By 4.5% As Markets React To Coronavirus Panic