Domestic stock markets are likely to start Wednesday's session on a lower note, hours after the government imposed a 21-day countrywide lockdown to control the spread of the deadly coronavirus pandemic. The Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange (NSE) Nifty index - declined as much as 165.9 points to 7,684.00 ahead of the opening of Indian markets. At 8:02 am, the SGX Nifty was down 144.90 points - or 1.85 per cent - at 7,705.00.
Equities around the globe rebounded as the US Congress appeared closer to passing a $2-trillion stimulus package to shield the world's largest economy from the fast-spreading COVID-19 disease.
Asian shares extended their previous day's rally; MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.3 per cent, with Australian shares rising 4.5 per cent and South Korean shares gaining 4 per cent. Japan's Nikkei added 2 per cent.
Overnight, the US markets soared to their biggest one-day percentage gain since 1933, after US lawmakers said they were close to striking an economic rescue package deal to tackle coronavirus. The Dow Jones soared 11.37 per cent to end at 20,704.91 points, while the S&P 500 jumped 9.38 per cent to 2,447.33 and Nasdaq Composite rallied 8.12 per cent to 7,417.86.
Meanwhile, the Finance Minister Nirmala Sitharaman announced a slew of relief measures on Tuesday for taxpayers and businesses to aid the fight against the fast-spreading coronavirus pandemic. The government may come up with an economic package to prevent the COVID-19 pandemic from causing major harm to the economy, Finance minister Nirmala Sitharaman said
The NSE and the BSE will remain fully functional despite the 21-day nationwide lockdown announced by Prime Minister Narendra Modi with effect from Tuesday midnight to contain the spread of COVID-19. Coronavirus has already claimed 10 lives and infected more than 500 people throughout the country.
The domestic market benchmarks had rebounded on Tuesday to gain some ground following their worst day ever, with the S&P BSE Sensex index ending 692.79 points - or 2.67 per cent - higher at 26,674.03 and the broader NSE Nifty 50 settling up 190.80 points - or 2.51 per cent - at 7,801.05.