Private lenders Axis Bank and ICICI Bank fell by 1.5 per cent and 1.4 per cent respectively while HCL Technologies, Tata Consultancy Services and UPL traded with a negative bias.

The Agriculture Ministry has said that an amount of Rs 18,517 crore has been released under PM-KISAN during the lockdown period and nearly 9.25 crore families have benefited.

US Fed Chair Jerome Powell warned of an extended period of weak economic growth and called for additional fiscal spending to stem the fallout from the pandemic.

Except for Nifty pharma and FMCG, all sectoral indices at the National Stock Exchange were in the positive zone with Nifty private bank up by 6.5 per cent, realty by 3.6 per cent, financial service by 3.3 per cent and auto by 2.3 per cent.

Hours after Prime Minister Narendra Modi announced a special economic package of Rs 20 lakh crore, industry bodies like FICCI, CII and Assocham gave a thumbs-up to make India self-reliant strategy.

"I announce a special economic package today. This will play an important role in the 'Atmanirbhar Bharat Abhiyan.' The announcements made by the government over COVID, decisions of RBI and today's package totals to Rs 20 lakh crore (USD 265 billion). This is 10 per cent of India's GDP," the Prime Minister said in his address to the nation on Tuesday.

Japan's Nikkei was down by 0.46 per cent and South Korea's Kospi lowered by 0.1 per cent and the Shanghai Composite fell by 0.18 per cent.

That cast doubts over efforts to lower COVID-19 related restrictions across the country as businesses restart and individuals went back to work.

The other prominent gainers were UltraTech Cements, IndusInd Bank, Vedanta, ITC and Infosys. However, Dr Reddy's, Nestle India and ICICI Bank traded with a negative bias.