Nifty back above 9,300 mark; Hopes of stimulus package lift market

Indian market reunited for the second consecutive session in a row on April 23 on increasing expectations of a second stimulus package from the government to help the economy.

The S&P BSE Sensex which began on a flat note climbed about 500 points in the end whereas the Nifty50 regained 9300 levels which is a good signal. The index experienced selling pressure on April 17 and April 20 when Nifty50 reached more than 9300 levels.

“The expectation of early economic package announced by the government lifted sentiments on the markets today. Yesterday information and broadcasting minister Prakash Javadekar said the economic package will be announced as and when it’s ready, lifted market sentiments,” Rahul Sharma, Research Head, Equity99 Advisors said.

Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 483 points to 31,863 while the Nifty50 rose 126 points to close above 9313 levels.

Broader markets underperformed as the S&P BSE Midcap index rose 0.90 percent, while the S&P BSE Smallcap index was up 1.3 percent.

Top Nifty gainers include names like ICICI Bank, ZEE Entertainment, ICICI Bank, TCS, and Kotak Mahindra Bank.

Top Nifty losers include names like Power Grid, Shree Cements, HUL, and Titan Company.

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