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NEW DELHI: The government’s
Rs 2.11 lakh crore stimulus+
for PSU (public sector undertaking) bank recapitalisation sent the equity markets zooming on Wednesday morning with both Sensex and Nifty touching fresh all-time highs in early trade.
The 30-share BSE Sensex gained 387.96 points to open on 32,995.28 and the 50-share NSE Nifty gained 113.45 points to open on 10,321.15. Both the indices extended gains with Sensex breaching the 33,000-mark to touch the peak of 33,117.33 and Nifty scaling a fresh high of 10,340.55.
Evidently, PSU Banks were leading the rally in early trade with the Nifty PSU Bank sub-index jumping a whopping 22.76 per cent and the SBI stock being the largest gainer surging 24 per cent. ICICI Bank and Axis Bank were also making handsome gains. The surge in PSU bank stocks had started on Tuesday itself in anticipation of announcements by Finance Minister Arun Jaitley, with the PSU Bank sub-index gaining 3.79 per cent.
The government had on Tuesday announced an unprecedented Rs 2,11,000 crore plan for recapitalisation of the PSU banks in a bid to push growth and and create jobs. The package will be spread over two years, Finance Minister Arun Jaitley said.
While Rs 1,35,00 crore will be in the form of front-loaded recapitalisation bonds, the remaining Rs 76,000 crore will be in the form of budgetary support. The nature of the bonds and details of the bonds would be made public during course of time, he said.
The finance minister said banks would get Rs 18,000 crore under the Indradhanush plan. Under Indradhanush roadmap introduced in 2015, the government had announced to infuse Rs 70,000 crore in state- run banks over four years to meet their capital requirement in line with global risk norms, known as Basel-III.
In line with the plan, public sector banks were given Rs 25,000 crore in 2015-16, and similar amount has been earmarked for the following years. Besides, Rs 10,000 crore each would be infused in 2017-18 and 2018-19.
In Wednesday’s morning trade, all the other sectoral indices were also trading in the green. At 9.52 am, the markets’ gains had pared slightly with the Sensex being up by 267.76 points. SBI stock was still gaining above 20 per cent.