Sensex Ends 1,411 Points Higher; Banking and Finance Stocks Witness Buying

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As per Tanushree, if things go India's way, as she believes it will, the aftereffect of the coronavirus will have an even bigger impact than 1991.

As per her, it will have a positive impact on what she calls the Rebirth of India.

She is focused on finding strong businesses with the capacity to take advantage of this huge opportunity.

And these businesses will create a lot of wealth in the long-term.

Also, a few days ago, we asked you to participate in Equitymaster's "State of the Markets" poll.

The poll asked you to vote on what holds next for the Indian stock markets amid the gloomy economy and coronavirus fears.

Many of you voted for the same and we thank you for participating. The numbers are in and here are the results.

In news from the macroeconomic space, addressing the media during market hours today, Finance minister Nirmala Sitharaman announced a slew of measures to deal with the economic distress caused due to the coronavirus pandemic and the subsequent lockdown announced to deal with the situation.

The FM announced the Prime Minister Gareeb Kalyan scheme worth Rs 1.7 trillion, which will have two parts - cash transfer and food security.

Here are some key takeaways from the press conference:

FM announced a Rs 1.7 trillion fiscal stimulus plan to aid the economy's fight against the rapidly-spreading coronavirus pandemic. The relief measures included direct cash transfers and food security-related steps aimed at giving relief to the poor workers.

Under this plan, 800 million poor people in the country will get 5 kg of rice or wheat per month free of cost, in addition to the 5 kg they already get. In addition to rice or wheat, each household will get 1 kg of preferred dal for free for the next three months.

The government will pay EPF contribution, both of employer and employee, for 3 months for all those establishments with less than 100 employees out of which 90% earn less than Rs 15,000 per month.

Women Jan Dhan account holders will get an ex-gratia amount of Rs 500 per month for 3 months to run household during this period.

Farmers will get the first instalment of the PM-KISAN payment of Rs 2,000 soon. As per reports, this move will benefit 87 million farmers across the country.

Rs 310 billion welfare fund will be utilized for building and construction workers.

The FM also announced a medical insurance scheme for health workers. This Rs 5 million per individual insurance plan would be applicable to all health workers that includes sanitation and ASHA workers, paramedics, doctors, nurses.

Note that, the finance minister had already announced some measures earlier this week on Tuesday, that included extension of tax deadlines, easing minimum balance norms for savings account, and increasing threshold of insolvency filing to Rs 10 million from Rs 0.1 million.

Moving on to news from the pharma sector, shares of Caplin Point were locked in the 20% upper circuit limit, after the company's arm Caplin Steriles received final approval from the US drug regulator for Verapamil Hydrochloride injection.

According to IQVIA (IMS Health), Verapamil Hydrochloride injection USP had US sales data of approximately US$ 28 million for the 12-month period ending December 2019.

Caplin Steriles has developed and filed 15 ANDAs on its own and with partners, with 7 approvals so far. The company is also working on a portfolio of 35 simple and complex injectable and ophthalmic products, to be filed over the next 4 years.

Meanwhile, Cipla has received final approval for its Abbreviated New Drug Application (ANDA) for Esomeprazole for Oral Suspension 10mg, 20mg and 40mg from the United States Food and Drug Administration (USFDA).

Cipla is the first company to file for the 10mg strength.

The above drug is AB-rated generic therapeutic equivalent version of AstraZeneca Pharmaceutical's Nexium.

Cipla share price ended the day up by 3.6%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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