MUMBAI: The S&P benchmark BSE Sensex jumed over 1,000 points on positive global cues while NIFTY Nifty regains 9,000 mark as the markets opened on Friday (March 27, 2020).
Indian equity markets surged, lifted by bank stocks, ahead of the 10 AM press conference by RBI Governor Shaktikanta Das on Friday. Most analysts expect the Reserve Bank of India (RBI) to cut interest rates besides announcing other liquidity support measures.
The NSE Nifty 50 index rose 4.24% to 9,024.70 by 0345 GMT, while the S&P BSE Sensex advanced 3.78% to 30,917.15 with Axis Bank and IndusInd Bank both up 10 per cent. All the Nifty sectoral indices were in the green, led by Nifty Bank index, up 7.2 per cent.
To ease the economic pain, the government on Thursday announced a Rs 1.7 lakh stimulus plan that provides direct cash transfers and food security measures.
Meanwhile, broader Asian stocks edged higher as investors bet that policymakers will roll out more stimulus measures to combat the coronavirus pandemic. MSCI`s broadest index of Asia-Pacific shares outside Japan rose 1.2% on Friday. In Mumbai`s main stock indexes, financial stocks were the biggest boost with the NSE Bank index surging over 6%.
Shares of Yes Bank Ltd soared 10% in early trade.
The lender on Thursday said it was looking to raise up to 50 billion rupees ($665.88 million) in an effort to shore up its capital base.