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Sensex, Nifty Jump About 7% On US Stimulus

Indian shares followed global peers higher on Wednesday after U.S. lawmakers reached agreement over a $2 trillion stimulus package to shore up the economy against the coronavirus pandemic.

There were also expectations that the Modi government would unveil a stimulus package soon as the country began a 21-day countrywide lockdown to contain the spread of Covid-19. India so far has reported 562 cases of the virus and 10 deaths.

The benchmark S&P BSE Sensex ended the session up 1,861.75 points, or 6.98 percent, at 28,535.78, while the broader NSE Nifty index jumped 516.80 points, or 6.62 percent, to 8,317.85.

Among the top gainers, Bajaj FinServ, Axis Bank, HDFC, Adani Ports, Grasim, Maruti Suzuki, UPL, Kotak Bank, HDFC Bank and Reliance Industries rallied 9-14 percent.

On the flip side, GAIL, Wipro, Coal India, IOC and IndusInd Bank fell 2-3 percent.

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