The Nifty futures traded on Singapore Exchange surged as much as 5.5 per cent or 504 points late on Tuesday after Prime Minister Narendra Modi announced an economic relief package worth Rs 20 lakh crore to support the economy, which has been hit hard by the coronavirus-induced lockdown. The package, which is in addition to the Rs 1.7 lakh crore provided as relief to the poor, is 10 per cent of the country's gross domestic product (GDP), PM Modi said.
At 8:55 pm, the SGX Nifty was up 4.2 per cent or 385 points at 9,561, indicating a strong gap-up opening for the Indian equity markets on Wednesday.
The economic package announced by PM Modi was a much needed step to address the slowdown in the economy, analysts said.
Following the announcement by PM Modi, shares of Indian companies listed on US exchanges saw a huge spike.
ICICI Bank American Depository Receipts (ADR) surged 8 per cent, Infosys ADR advanced 3.2 per cent, HDFC Bank ADR was up 6.05 per cent, Tata Motors ADR rose 4.8 per cent and Vedanta ADR skyrocketed 28 per cent.
Details pm the package will be provided by the Finance Minister, PM Modi added.