Markets surge 7% as hopes of financial stimulus package keeps mood buoyant

The Indian markets surged about 7 per cent on Wednesday as risk sentiment got a boost from the $2-trillion stimulus bill in the US. Hopes of a multi-billion-dollar relief package by the Indian government also kept investors’ mood buoyant.

The Sensex jumped 1,862 points to end at 28,536, while the Nifty50 index rallied 517 points, or 6.6 per cent, to settle at 8,318 — the biggest single-day gains for the benchmark indices since May 2009.

Most Asian and European markets soared after the US markets posted their biggest single-day gain since 1933, with the Dow Jones rallying 11 per cent