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Sensex, Nifty Surge For Third Day On Stimulus Optimism

Indian shares rose for a third straight session on Thursday amid short covering as futures and options contracts for the month of March expired.

Investor sentiment received a boost after Finance Minister Nirmala Sitharaman announced a Rs. 1.7 lakh crore Gareeb Kalyan Yojana to help the poor tide over the coronavirus lockdown.

The relief package, which comes into effect immediately, includes direct benefit cash transfers, free LPG, grains and pulses for the poor. Direct benefit cash transfers will benefit farmers, MGNREGA, poor widows, pensioners & divyangs.

The government said it 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 percent earn less than Rs. 15,000 per month.

A Rs 50 lakh insurance cover will be given to healthcare workers who are at the forefront of dealing with the pandemic.

The benchmark S&P BSE Sensex surged as much as 1,410.99 points, or 4.94 percent, to 29,946.77, while the broader NSE Nifty index closed at 8,641.45, up 323.60 points, or 3.89 percent, from its previous close.

IndusInd Bank shares jumped as much as 43 percent after recommendations from various broking houses, while Hero MotoCorp, Bharti Airtel, Bajaj Finance and Larsen & Toubro rallied 7-10 percent.

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