Sensex falls by 1,069 Points and Nifty by 313 points

On Monday the Benchmark Sensex fell by 1,069 points. Which tracking huge selloffs in banking and auto stocks as the government’s fiscal stimulus package failed to revivify the confidence in domestic investors.

The 30 percent share BSE index ended by 1,068.75 points or 3.44 percentage fall at 30,028.98, while the National Stock Exchange Nifty sunk 313.60 points or 3.43 percent to 8,823.25.

On the top laggard in Sensex pack was IndusInd Bank, crunching around 10 percent, along with HDFC, Maruti Suzuki, Axis Bank, and UltraTech Cement. While, TCS, Infosys, ITC, and HCL Tech closed with profit.

Narendra Solanki, Head- Equity Research of Anand Rathi said that

Prime Minister Narendra Modi has extended the Lockdown till 31st May to stop Coronavirus transmission that’s why Traders and investors remain on edge.

He further said that the financial relief package announcement by PM Modi has also affected the market expectations on any demand-side reforms and also has massive selloff in the National market.

During the announcement of financial aid fund Finance minister Nirmala Sitaraman emphasize on the credit line to small business and spending very less on the Banking and Financial sector.

Yesterday in the last announcement of rules Finance minister focused on privatizing Public Sector Units in the non-strategic sector and, hang out the loan default-triggered bankruptcy filings for one year, and also gave a Rs 40,000-crore hike in allocation for the rural employment guarantee scheme for the employment of migrant workers.

According to the latest data of health ministry in India, the total number of Corona cases reached to 96,169 while fatalities rate is 3,029.

Globally Covid-19 cases reached at 47.13 lakh whereas the death rate is 3.15 lakh.