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Indian Equities Unimpressed With PM Modi's Corona Stimulus, Sensex Loses 600 Points in Opening Trade

© AP Photo / Rafiq MaqboolA security guard wearing a mask as a precaution against the new coronavirus stands at the Bombay Stock Exchange (BSE) building in Mumbai, in Mumbai, India, Monday, March 16, 2020
A security guard wearing a mask as a precaution against the new coronavirus stands at the Bombay Stock Exchange (BSE) building in Mumbai, in Mumbai, India, Monday, March 16, 2020 - Sputnik International
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New Delhi (Sputnik): The COVID-19 contagion seems to have taken the fizz out of the Indian equity markets. From levels of over 41,000 in February, the benchmark index Sensex has fallen to its current level of 32,000. The coronavirus health emergency has led to a national lockdown since 25 March and is likely to continue beyond 17 May.  

The COVID-19 economic stimulus worth $266 billion announced by Indian Prime Minister Narendra Modi on Tuesday seems to have failed to impress the equity markets.

Even as Finance Minister Nirmala Sitharaman made a detailed announcement on Wednesday on relief to small businesses and non-banking finance companies, the Bombay Stock Exchange tumbled 600 points in the opening trade on Thursday.

The Bombay Stock Exchange’s 30-share index Sensex fell 600 points to trade at arond 31,405. The national stock exchange’s 50-share index Nifty dipped 122 points to trade at around 9,222.

Announcing the details of Prime Minister Modi’s economic stimulus package, Finance Minister Sitharaman unveiled certain proposals relating to micro, small and medium enterprises, and non-banking financial companies. The markets do not seem to have cheered up as, according to the market participants, a direct stimulus had been expected.

Minister Sitharaman is scheduled to make more announcements regarding Modi’s stimulus package today (Thursday).

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