Indian markets on Wednesday gave a thumbs down to Indian Prime Minister Narendra Modi's $266 billion COVID stimulus package to the Indian economy.
After opening strongly, the Bombay Stock Exchange’s 30-share sensitive index, Sensex, slipped in early trading on Wednesday. Sensex opened at 32,841 on Wednesday, up by at least 1470 points. However, it soon lost all gains, shedding 771 points to currently trade at the 32,074 level.
Despite the mega boost announced by Prime Minister Modi, market participants blame the choppiness on uncertainty over the xoronavirus. Some traders also referred to fiscal deficit concerns, with sovereign ratings weighing over the indices.
While Modi announced the package on Tuesday night without divulging any details, Indian Finance Minister Nirmala Sitharaman will hold a press conference at 4 p.m. (IST) later in the day to reveal more information about the stimulus.