Mumbai, May 13 (IANS): The domestic stock market surged on Wednesday morning on the back of the Prime Minister's announcement of Rs 20 lakh crore economic package.

It has, however, receded from the intra-day high of 32,845.48 points. It had jumped 1,474 points during the initial trade to reach the day's high.

At 10.39 a.m., the BSE Sensex was trading at 32,149.99, higher by 778.87 points or 2.48 per cent from the previous close of 31,371.12.

The Nifty50 on the National Stock Exchange was trading at 9,422.30, higher by 225.75 points or 2.45 per cent from the previous close.

On Tuesday, Prime Minister Narendra Modi announced a massive financial package to revive the country's economy with a total stimulus of Rs 20 lakh crore. This amount also includes the earlier packages announced by the Ministry of Finance and the Reserve Bank of India (RBI).

Finance Minister Nirmala Sitharaman later on Wednesday is scheduled to brief the media and give out details of the package.