Indian share markets continued their rally during closing hours and ended on a strong note.
Benchmark indices rallied for the third day, encouraged by stimulus packages by large economies in order to soften the economic blow from the lockdown of businesses and offices.
At the closing bell, the BSE Sensex stood higher by 1,411 points (up 4.9%) and the NSE Nifty closed higher by 336 points (up 4%).
The BSE Mid Cap index ended up by 3.5%, while the BSE Small Cap index ended the day up by 3.7%.
On the sectoral front, gains were largely seen in the telecom sector and banking sector.
Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 0.7% and the Shanghai Composite was down by 0.6%. The Nikkei 225 was down 4.5%.
The rupee is currently trading at 75.34 against the US$.
The domestic currency rose sharply against the US$ today, tracking strong gains in domestic equity markets. After opening at 75.88 per dollar, the rupee moved to 75.17 at day's high, as compared to the previous close of 76.10.
Earlier this week, the rupee had hit a record low of 76.32.
Gold prices are currently trading up by 0.2% at Rs 42,275.
Note that the Sensex saw its biggest one-day fall on Monday 23 March. The broader NSE Nifty also saw its sharpest one-day fall, crashing 13%, as the virtual shutdown of the economy to contain the spread of coronavirus spooked investors.
The selloff shaved off a record Rs 14 trillion of market capitalisation.
Also, talking of the Indian economy, 1991, in a lot of ways, can be termed as the turning point of India's economic story.
From being largely isolated from the outside world, India suddenly became a big part of the new global era.
Exports also became a big contributor to India's GDP. From contributing around 7% of GDP before 1991, exports contribute close to 20% of GDP now.
Is This the 1991 Moment for India Again?
In news from the macroeconomic space, addressing the media during market hours today, Finance minister Nirmala Sitharaman announced a slew of measures to deal with the economic distress caused due to the coronavirus pandemic and the subsequent lockdown announced to deal with the situation.
The FM announced the Prime Minister Gareeb Kalyan scheme worth Rs 1.7 trillion, which will have two parts - cash transfer and food security.
Here are some key takeaways from the press conference:
FM announced a Rs 1.7 trillion fiscal stimulus plan to aid the economy's fight against the rapidly-spreading coronavirus pandemic. The relief measures included direct cash transfers and food security-related steps aimed at giving relief to the poor workers.
Under this plan, 800 million poor people in the country will get 5 kg of rice or wheat per month free of cost, in addition to the 5 kg they already get. In addition to rice or wheat, each household will get 1 kg of preferred dal for free for the next three months.
The government will pay EPF contribution, both of employer and employee, for 3 months for all those establishments with less than 100 employees out of which 90% earn less than Rs 15,000 per month.
Women Jan Dhan account holders will get an ex-gratia amount of Rs 500 per month for 3 months to run household during this period.
Farmers will get the first instalment of the PM-KISAN payment of Rs 2,000 soon. As per reports, this move will benefit 87 million farmers across the country.
Rs 310 billion welfare fund will be utilized for building and construction workers.
The FM also announced a medical insurance scheme for health workers. This Rs 5 million per individual insurance plan would be applicable to all health workers that includes sanitation and ASHA workers, paramedics, doctors, nurses.
Note that, the finance minister had already announced some measures earlier this week on Tuesday, that included extension of tax deadlines, easing minimum balance norms for savings account, and increasing threshold of insolvency filing to Rs 10 million from Rs 0.1 million.
Moving on to news from the pharma sector, shares of Caplin Point were locked in the 20% upper circuit limit, after the company's arm Caplin Steriles received final approval from the US drug regulator for Verapamil Hydrochloride injection.
According to IQVIA (IMS Health), Verapamil Hydrochloride injection USP had US sales data of approximately US$ 28 million for the 12-month period ending December 2019.
Caplin Steriles has developed and filed 15 ANDAs on its own and with partners, with 7 approvals so far. The company is also working on a portfolio of 35 simple and complex injectable and ophthalmic products, to be filed over the next 4 years.
Meanwhile, Cipla has received final approval for its Abbreviated New Drug Application (ANDA) for Esomeprazole for Oral Suspension 10mg, 20mg and 40mg from the United States Food and Drug Administration (USFDA).
Cipla is the first company to file for the 10mg strength.
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