Funds in despair as the stimulus package has not yet come to big relief for industries:-nirmala sitharaman

•  Nifty spot down 6 points to 9137
•  The Bankex index fell 236 points
•  Last-minute short-covering amid continued caution over the weekend: Banks, auto stocks sell off funds, Sensex falls 3 points to 31,097

                             

As part of the Rs 50 lakh crore stimulus package by the Modi government in the wake of the Corona epidemic, Finance Minister Nirmala Sitharaman has announced incentives for MSMEs and small businesses as well as agriculture in two sectors. Were constantly away from the boom. Along with the negative factor of doubling India's fiscal deficit with this massive stimulus package, as well as indications that India's self-reliant mission at the Center is actually focusing on domestic policy, foreign funds chose to ease by selling stocks as a precaution. Of course, the third part of the economic package was announced by the finance minister after the market closed before it was announced for agriculture, fishing, food processing, animal husbandry, but as a precautionary measure, short-selling of short sellers was also seen at the last minute.   

International crude oil price lockdowns continued to be strong as the situation eased around the world. A mixed trend was observed in global markets. Banking-finance, automobile, pharma stocks were weak. While selective buying was behind China's positive factory figures in metal-mining stocks and oil-gas stocks were also gaining ground in some stocks. The Sensex was down 3.15 points at 31097.73 and the Nifty spot was down 5.90 points at 9136.85.

The BSE Bankex Index fell by 236.91 points to 21,576.07 on sustained weakness in banking-finance stocks. Federal Bank fell by Rs 1.60 to Rs 43.80, Axis Bank by Rs 13.25 to Rs 388.65, RBL Bank by Rs 3.20 to Rs 120.95, IndusInd Bank by Rs 9.60 to Rs 418.80, ICICI Bank by Rs 4.80 to Rs 322. State Bank of India fell by Rs 1.55 to Rs 166.40. Equitas fell by Rs 2.15 to Rs 49.70, Repco Home by Rs 4.65 to Rs 111, Bank of Baroda by Rs 1.60 to Rs 41.55, Bandhan Bank by Rs 8.50 to Rs 243.65, Canfin Home Finance by Rs 10 to Rs 29425. , LIC Housing Finance fell by Rs 7.20 to Rs 253.85, Ujjivan fell by Rs 4.25 to Rs 167.50.

With the resumption of partial production in the automobile industry, including Maruti Suzuki, Mahindra & Mahindra, Ashok Leyland, the industry was looking for funds in anticipation of a quick recovery after the lockdown. Frontline stocks, of course, continued to weaken over the weekend. The BSE Auto Index fell 132.73 points to close at 13024.51. 943.20, Hero MotoCorp fell by Rs 46.25 to Rs 2195, TVS Motor by Rs 6.30 to Rs 336.25, Bajaj Auto by Rs 37.95 to Rs 2661.45.

In Reliance Industries, modest short covering rose by Rs 23.45 to Rs 1458.90 today. International crude oil prices rose 36 cents to .9 27.92 this evening, while Brent crude rose 42 cents to close at .5 31.55. Among other oil and gas stocks, BPCL rose by Rs 8.30 to Rs 318 and GSPL by Rs 1 to Rs 184. Metal-mining stocks were also the pick behind China's figures.