Indian shares end volatile session higher on new stimulus hopes

Indian shares end volatile session higher on new stimulus hopes

21 Oct 2020 04:28 PM
 

Indian shares ended higher on Wednesday, as financial stocks recovered from profit-taking in late afternoon trade after the government said it was working on another stimulus package.

The NSE Nifty 50 index closed up 0.34% at 11,937.65, while the S&P BSE Sensex ended 0.4% higher at 40,707.31.

The Nifty Volatility Index rose as much as 3.8% during the session to a near four-week high.

The Nifty 50 retreated as much as 1.02% in afternoon trade after crossing the psychological 12,000-mark, hit by a sharp fall in bank stocks that regained ground later to help the Nifty Bank index close 1.33% higher. 

India's government is working on the next stimulus package to support the economy amid positive signs of a fall in COVID-19 cases, a senior finance ministry official said on Wednesday.

Financials were the top boosts on the blue-chip index, with top lender HDFC Bank, HDFC Ltd and ICICI Bank Ltd adding between 1.4% and 1.9%.