FM’s Final Tranche Of Rs 20-lakh cr Package Fails To Cheer Market, Sensex Down 762 Points, Nifty Slips 225 Points

The market sentiments failed to pick up even as the government extended nationwide lockdown till May 31 with certain relaxations to support the battered economy due to Covi-19 outbreak.

Sensex Today: The indices were positive in the opening trade backed by top gainers majorly from banking segment including IndusInd Bank, HDFC, Tech Mahindra, Axis Bank and Kotak Bank/ (Getty Images)

New Delhi, May 18: Finance minister Nirmala Sitharaman’s final tranche of the special relief package failed to cheer up markets as the 30-stock benchmark index Sensex slipped 762.57 points or 2.45 per cent at 30,335.16 while Nifty fell 225.40 or 2.47 per cent at 8,911.45 on Monday. The market sentiments didn’t pick up even as the government extended nationwide lockdown till May 31 with certain relaxations to encourage the battered economy by allowing increased movement of people and support economic activity. Banking stocks were the worst performers including ICICI Bank, Axis Bank, and SBI which slipped over 3 per cent each. IT stocks such as Infosys Tech M, and TCS performed well on the 30 share index. Reliance Industries, which announced 1.34 per cent stake sale in Jio Platforms to US-based General Atlantic, was also down 1 per cent. Meanwhile, Asian shares opened on a firm note aided by S&P 500 futures on Monday, and oil prices rose amid efforts by countries to kick start economy offering hopes that global economies are recovering. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent, while Japan's Nikkei 225 rose 0.6 per cent and Chinese stocks rose a marginal 0.3 per cent. Oil prices witnessed a jump of over $1 a barrel on Monday to their highest in more than a month after the output cuts and hopes that fuel demand will spur the recovery as countries starts lifting restrictions to contain the spread of coronavirus. Brent crude was up $1.19, or 3.7 per cent, at $33.69 a barrel by 0240 GMT. The US West Texas Intermediate (WTI) crude gained $1.26, or 4.3 per cent, at $30.69 a barrel, after rising to its highest since March 16. The Dow Jones Industrial Average rose 60.08 points, or 0.3 per cent, to 23,685.42, the S&P 500 climbed 11.2 points, or 0.4 per cent, to 2,863.7 and the Nasdaq Composite added 70.84 points, or 0.8 per cent, to 9,014.56.