Sensex, Nifty surge after PM Modi's Rs 20 lakh crore stimulus boost

Indian shares soared on Wednesday after Prime Minister Narendra Modi outlined Rs 20 lakh crore stimulus package aimed at supporting an economy battered by a weeks-long lockdown to combat the novel coronavirus.

The NSE Nifty 50 index rose 2.68% to 9,441.55 by 0350 GMT, while the S&P BSE Sensex was 2.80% higher at 32,254.16.

The stimulus package would be equivalent to 10% of India's gross domestic product and includes both fiscal and monetary measures, some of which have already been announced, economists said.

India's coronavirus infections have been rising steadily, and on Wednesday they surged past 74,000, with more than 2,400 deaths.

Maruti Suzuki Ltd, India's largest automaker, and lender Kotak Mahindra Bank are expected to report March-quarter earnings later on Wednesday.

(With inputs from Reuters)