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FM announces Rs 30,000 crore support for NBFCs, HFCs, MFIs. Domestic stocks soared as investors rejoiced the government's Rs 20 lakh crore stimulus announcement, aimed to supporting the ailing economy. In the broader market, midcaps and smallcaps underperformed the largecaps. Sectorally, BSE Bankex, Capital Goods and Realty indices ended the day in the green while Healthcare and Telecom indices settled in the red. But deep down, the near-term market structure looked weak. Analysts said.
Market participants welcomed Finance Minister Nirmala Sitharaman's stimulus package, Which was mainly designed to boost much needed liquidity in the system.
The FM announced a Rs 30000 cr liquidity scheme for NBFCs. The govt will buy debt paper of NBFCs, MFIs and HFCs(housing finance companies), which will be fully guaranteed by govt of India.
The FM also announced a Rs 45000 cr Partial Credit Guarantee Scheme 2.0 for NBFCs.
Today's announcement mainly focused on ensuring liquidity in sectors like MSMEs and NBFCs.