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SGX Nifty Bursts over 300 points just after Modi’s Rs.20 Lakh Crore announcement

SGX Nifty Surges :PM Modi Boost Economy

Prime Minister Narendra Modi has announce a special economic package worth Rs. 20 lakh crore to help the nation fight against the coronavirus pandemic. After the bumper announcement, the Nifty futures (SGX Nifty) traded on Singapore Exchange surged to the level 9676.50 as much as 5.5 per cent or 504 points .Currently, SGX nifty trading at 9549 level with 323 points (3.51%) surge .

As of 11.30 pm, the SGX Nifty was up 3.50 per cent or 322.80 points at 9,548 indicating a strong gap up opening for the Indian equity markets tomorrow.

The economic package announced by PM Modi was a much needed step to address the slowdown in the economy, analysts said.

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Following the announcement by PM Modi shares of Indian companies listed on US exchanges (Wall Street) saw a huge spike.

ICICI Bank American Depository Receipts (ADR) surged 8 per cent, Infosys ADR advanced 3.2 per cent, HDFC Bank ADR was up 6.05 per cent, Tata Motors ADR rose 4.8 per cent and Vedanta ADR sky rocketed 28 per cent PM Modi’s announcement.

(With inputs NDTV)

 

Tags : Lockdown4Narendra ModiRs.20 lakh Crore Financial PackageSGX NiftySGX Nifty Surge Modi
Kunal

The author Kunal