SAARC nations’ emergency stimulus packages to tackle COVID-19 economic fallout
The SAARC countries have rolled out a raft of stimulus packages to boost investments, buffer private businesses and bolster growth in response to the COVID-19 pandemic that has upended life and disrupted economic activity in a region inhabited by over 1.8 billion people.
The World Bank recently warned that South Asia faces its worst economic performance in 40 years due to the deadly coronavirus pandemic which has been wreaking havoc worldwide.
It advised the governments to “ramp up action to curb the health emergency, protect their people, especially the poorest and most vulnerable, and set the stage now for fast economic recovery”.
Sensex rallies over 600 points in early trade; Nifty tops 9,300
Stocks have started the day on a strong note with gains of well over 1.5% on positive global cues.
PTI reports: “Equity benchmark Sensex surged over 600 points in opening trade on Monday led by gains in index-heavyweights Reliance Industries, HDFC twins and Infosys amid positive cues from global markets.
After hitting a high of 31,977.82, the 30-share index was trading 632.65 points or 2.02 per cent higher at 31,959.87.
Similarly, the NSE Nifty jumped 174.20 points, or 1.90 per cent, to 9,328.60.
Bajaj Auto was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Sun Pharma, IndusInd Bank, Maruti, HDFC, Axis Bank, Reliance Industries and Kotak Bank.
On the other hand, NTPC, PowerGrid and Asian Paints were the laggards.
In the previous session, the BSE barometer settled 535.86 points or 1.68 per cent down at 31,327.22, while the NSE Nifty declined 159.50 points, or 1.71 per cent, to 9,154.40.
Foreign portfolio investors were net sellers in the capital market on Friday, as they offloaded equity shares worth Rs 207.29 crore, according to provisional exchange data.”