Indian shares rallied on Thursday after the U.S. Senate approved a historic, $2 trillion stimulus package to combat the economic fallout from the coronavirus pandemic.
Closer home, media reports suggest that discussions are ongoing between the Prime Minister office, the finance ministry and RBI over an economic stimulus package of more than Rs. 1.5 lakh crore ($19.6 billion) to fight a downturn in the country.
The benchmark S&P BSE Sensex jumped 558 points, or 1.96 percent, to 29,094 in early trade, while the broader NSE Nifty index was up 155 points, or 1.87 percent, at 8,473.
HDFC, Infratel, Infosys, Axis Bank and IndusInd Bank climbed 4-10 percent, while JSW Steel, Maruti Suzuki and Grasim gave up 3-4 percent.
Indian Oil Corp tumbled 3.7 percent on news the company has slashed its refining capacity by a third. BPCL dropped 1.6 percent and ONGC declined 2 percent.
Shares of India Cements soared 6.6 percent after BSE data showed that investor Radhakishan Damani bought 16 lakh shares of the company at Rs 94.97 per share.