SGX Nifty surge nearly 5.5% on PM Modi’s big stimulus announcement

New Delhi: The Nifty futures traded on Singapore Exchange jumped over 5.5 per cent or 504 points on Tuesday night after Prime Minister Narendra Modi announced massive new financial incentives on top of the previously announced packages for a combined stimulus to revive the economy.

The SGX Nifty trading higher by 385 points at 9,561, indicating a strong gap-up opening for the Indian equity markets on Wednesday.

In a televised address to the nation, PM Narendra Modi on Tuesday announced packages for a combined stimulus of Rs 20 lakh crore. Apart from the Reserve Bank of India (RBI) assistance, the government had last month announced a Rs 1.74 lakh crore to provide benefits to the poor, including cash transfers, Rs 50 lakh insurance cover and steps to ensure food security.