MARKET WRAP: Stimulus package disappoints; Sensex plunges 1,069 pts

Indian markets slumped over 3 per cent on Monday as stimulus measures announced over the weekend, as part of the government's Rs 20 trillion economic package, failed to cheer investors who were expecting huge fresh liquidity infusion into the system to improve the aggregate demand. Moreover, the government's decision to extend teh nationwide lockdown, albeit with some relaxations, till May 31, also dented sentiment.
 

The benchmark S&P BSE Sensex tumbled over 1,069 points or 3.44 per cent but managed to close above the crucial 30,000-mark at 30,028.98 levels. NSE's Nifty50, meanwhile, ended the session at 8,823 level, down 314 points or 3.43 per cent. Meanwhile, volatility index, India VIX, rose 7.58 per cent and crossed the 40-mark. 

IndusInd Bank (down 10%), HDFC, Maruti, and Axis Bank (all down 7% each) were the top Sensex laggards while TCS, up 2 per cent, gained the most. The HDFC twins and ICICI Bank contributed the most to the Sensex's fall today. 

The Nifty sectoral trend remained negative, led by Nifty Bank which crashed 6.7 per cent. On the other hand, Nifty IT index gained 0.9 per cent. 

In the broader market, the S&P BSE MidCap index settled 3.75 per cent lower and the S&P BSE SmallCap index shed 2.9 per cent. 

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