Indian stocks rose on Wednesday after closing their lowest level in more than a week in the previous session after the Reserve Bank of India announced relief measures that included the provision of emergency liquidity of Rs Rs 50,000 on a priority basis for the health sector and a moratorium for loans. for individual borrowers and small businesses. The Sensex rose 489 points to an intraday high of 48,743, while the Nifty 50 reached an intraday high of 14,632.45.
The Sensex closed 424 points, or 0.88 percent, higher to 48,677.55, and the Nifty 50 climbed 121 points, or 0.84 percent, to 14,617.75.
Reserve Bank of India (RBI) Governor Shaktikanta Das said the central bank has asked lenders to introduce a new moratorium on certain small borrowers that will be available to individuals and small and medium-sized enterprises that have not been restructured in 2020.
Amid a surge in coronavirus cases, RBI also announced a liquidity time window of Rs 50,000 for infrastructure and healthcare companies.
The operational liquidity mechanism with up to three years at the repo rate will be open until March 31, 2022, RBI Governor Shaktikanta Das said, announcing measures to deal with the fallout from the second wave of the coronavirus pandemic.
All 11 industry indicators, with the exception of the National Stock Exchange Real Estate Equity Index, closed higher, led by a 4 percent gain in the Nifty Pharma Index. Nifty Bank, Private Bank, PSU Bank, Financial Services, IT and Metal indices also rose more than 1%.
Mid-cap and small-cap stocks also showed interest in buyers, with the Nifty Midcap 100 up 1 percent and the Nifty Smallcap 100 up 0.45 percent.
Sun Pharma was the top gainer in Nifty, with shares up 5.8% to close at Rs 683. UPL, Axis Bank, IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Titan, Dr Reddy’s Labs, Wipro, Tata Consultancy Services, Bajaj Finserv, Hindalco, ONGC and UltraTech Cement also rose 1-5%.
On the other hand, notable losers included Adani Ports, Bajaj Finance, SBI Life, Asian Paints, Hindustan Unilever, HDFC and Tech Mahindra.
The overall market volume was positive, with 1,812 shares closing higher and 1,123 shares lowering on the BSE.