- Stimulus Package Failed to create impact on the Stock market
- Today the stock market started with a red mark.
- Sectoral index opened with declining tren in most sectors.
- Even public reaction is not positive about offered relief
Stimulus Package Failed to gain the trust of the business world. Yesterday FM Nirmala Sitharaman made several announcements for MSMEs, NBFCs, discoms, real estate, etc. The government gave detailed information about the first phase of the economic package. But today the market does not seem to welcome this package.
The stock market was given a very cool response to the stimulus package. The stock market started with a red mark on Thursday. The Bombay Stock Exchange’s flagship index fell by 1.96 per cent to 638.55 points at 31381.06. At the same time, the National Stock Exchange’s Nifty fell by 1.94 per cent to 182.15 points at 9201.40 level.
The rupee lost 13 paise against US dollar
The rupee fell 13 paise to 75.59 against the US dollar during early trading on Thursday. Due to a weak start in the domestic market and strength of US currency rupee price fell. The rupee is under pressure from Avery long time. Forex traders said that the strengthening of the dollar put pressure on the local currency.
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Apart from this, market experts also expressed concern about increasing fiscal deficit in regard to the economic package of Rs 20 lakh crore. They are not clear how this package will be funded. The rupee opened at 75.57 in the morning and showed a fall to 75.59 against the US dollar. This is 13 paise lower than the previous closing price. The rupee had closed at 75.46 on Wednesday.
Global stock market also fall in most sectors
The global market also saw a decline on Wednesday. Its effect is being seen in the domestic market today. The Dow Jones of America closed down 516.81 points at 23,248.00, down 2.17 per cent.
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The Nasdaq closed down 139.38 points at 8,863.17, down 1.55 per cent. The S&P was down 1.75 per cent to close at 50.12 points at 2,820.00. China’s Shanghai Composite was down 14.51 points at 2,883.54, down 0.50 per cent. Also, markets in France, Germany, and Italy saw a decline trend.
Sectoral index opened with a red mark in most sectors
If we look at the sectoral index, then all the sectors opened on the red mark today. These include IT, Pharma, Realty, Auto, FMCG, Banks, Private Banks, Media, Metal, and PSU Banks.
Market opened green mark on last trading day
The stock market started with a green mark after 20L stimulus announced by PM Modi on Tuesday. The Sensex was up 1093.17 points to open at 32464.29, up 3.48 per cent. At the same time, the Nifty opened at 9512.40, up 315.85 points with a gain of 3.43 per cent. After this, the Sensex had gained 710.49 points at 2.07 pm and reached the level of 32081.61. While the Nifty was trading at the level of 9422.20, up 225.65 points.
