Markets snaps four-day losing streak; Sensex zooms 1,628 points to end at 29,916, Nifty rallies 482 points to 8,745

After a day of trading marked with peaks and troughs the benchmark indices broke the four-day losing streak and ended higher. The Sensex zoomed 1,628 points to end at 29,916; Nifty rallies 482 points to 8,745.

#CNBCTV18Market | Benchmark indices see an upmove after Maharashtra Health Minister's comment on banks & stock markets remaining open pic.twitter.com/iDGNOdvguK

— CNBC-TV18 (@CNBCTV18Live) March 20, 2020

Domestic sentiment turned positive on hopes of a stimulus package after Prime Minister Narendra Modi announced a financial task force to help sectors battered by the pandemic, experts said, to PTI.

After starting on a volatile note and swinging over 2,485 points, the BSE barometer ended 1,627.73 points or 5.75 percent higher at 29,915.96. It hit a high of 30,418.20 and a low of 27,932.67.

Similarly, the NSE Nifty zoomed 482 points, or 5.83 percent, to close at 8,745.45.

ONGC was the top gainer in the Sensex pack, rallying around 18 percent, followed by HUL, UltraTech Cement, RIL, TCS, HDFC, ITC and Asian Paints. Only HDFC Bank and IndusInd Bank settled in the red.

Prime Minister Narendra Modi on Thursday announced setting up of a task force under Finance Minister Nirmala Sitharaman which will take necessary actions “in the near future” after analysing the coronavirus pandemic situation.

COVID-19 cases in India rose to 195 on Friday after 22 fresh cases were reported from various parts of the country, according to the Health Ministry.

Experts were of the view that the COVID-19 task force may come out with concrete proposals very soon.

Stock and commodity markets, as well as central government offices, will be excluded from lockdowns, Maharashtra health minister Rajesh Tope told Reuters on Friday.

Earlier, Uddhav Thackeray, chief minister of Maharashtra had announced that all shops and offices except those providing essential services in the country’s financial capital Mumbai and other key cities such as Pune and Nagpur would remain closed until 31 March in an attempt to restrict the spread of coronavirus.

“Banks, stocks and commodity exchanges are excluded from the restrictions. Central government offices will also remain operational in Mumbai,” Tope said.

The huge oil bounty from the crude crash can be used for this, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, adding that PM’s appeal is a curtain-raiser for the concrete actions to follow soon.

World over, market sentiments improved as governments stepped up measures to cushion the financial blow of the pandemic, experts said.

Bourses in Shanghai, Hong Kong, Seoul closed up to 7 percent higher.

Stock exchanges in Europe too rallied up to 5 percent.

Meanwhile, the rupee appreciated 6 paise to 74.72 against US dollar intra-day.

Global oil benchmark, Brent crude futures rose over 8.18 percent to USD 30.80 per barrel.

Globally, the death toll from the virus has risen to almost 10,000 with more than 2,32,000 cases in 158 countries and territories.