Equity benchmark indices opened higher on Monday after FM Nirmala Sitharaman announced a slew of measures to spur up the economy. The Sensex opened above 400 points at 37,102 while the Nifty is trading near the 11,000-mark.
However, the stock market erased its some early morning gains, with the Sensex trading over 100 points higher and Nifty rose over 50 points.
FM Nirmala Sitharaman on Friday announced a slew of measures to revive the economy, which registered its lowest rate of growth in nearly five years in the March quarter and is struggling with lakhs of job cuts across sectors.
Sitharaman also said the government will provide Rs70,000cr worth of recapitalization to public sector banks upfront, instead of spreading it throughout the year. Reacting to this all the banking stocks surge in the morning trade.
The PSU Bank index climbed 4% led by gains seen in Central Bank, Allahabad Bank, Syndicate Bank and J&K Bank.
On the other hand, Asian markets fell after the latest escalation in the Sino-American trade war. The yuan weakened.
HDFC, HDFC Bank, UCO Bank, Canara Bank, IndusInd Bank, Indiabulls Housing, Yes Bank, Adani Port and Eicher Motors are among major gainers on the indices, while losers are Infosys, Tata Steel Vedanta, Hindalco and TCS.
Meanwhile, investors will also be looking at the August sales data for the auto sector which will also be announced on Sunday.
HDFC Bank, SBI and Indiabulls Housing were the most active stocks in today’s session.
The Indian rupee slipped by 32 paise at 71.98 against US Dollar.
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