Sensex surges 428 points as govt assures industry to deal with coronavirus scare, Nifty jumps 133 points; Bajaj Finance, HUL among top gainers
Benchmark Sensex rebounded over 428 points on Wednesday, snapping four days of losses, as investors took heart from a decline in new coronavirus cases in China and the Indian government's assurance on tackling the economic impact from the virus epidemic
Starting off on a strong footing, the BSE barometer gained strength during the session to touch a high of 41,357.16
The index finally settled at 41,323, clocking a gain of 428.62 points or 1.05 percent
Likewise, the NSE gauge Nifty shot up 133.40 points or 1.11 percent to close at 12,125.90
Mumbai: Equity indices clawed back lost ground on Wednesday after a four-session falling spree as investors took heart from a decline in new coronavirus cases in China and the Indian government's assurance on tackling the economic impact from the epidemic.
Starting off on a strong footing, the BSE barometer gained strength during the session to touch a high of 41,357.16. The index finally settled at 41,323, clocking a gain of 428.62 points or 1.05 percent.
Likewise, the NSE gauge Nifty shot up 133.40 points or 1.11 percent to close at 12,125.90.
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Market heavyweight Reliance Industries spurted 2.60 percent, accounting for the majority of the Sensex gains.
Other winners included Bajaj Finance, HUL, ONGC and HDFC, rising up to 2.79 percent.
On the other hand, Sun Pharma, TCS, Bharti Airtel, L&T and IndusInd Bank shed up to 1.33 percent.
Finance Minister Nirmala Sitharaman on Tuesday met representatives from various sectors, including pharmaceuticals, textiles, chemicals, electronics and IT hardware, solar, auto, surgical equipments, and paints, to review the situation following the outbreak of the deadly virus in China.
She said the government will soon announce measures to deal with the impact of the coronavirus outbreak on the domestic industry.
"Positive cues were witnessed in the market on hopes that the government is planning to consider some relief measures for the ailing telecom players. On the global front, there is a decrease in new virus cases and close to 80 percent of the Chinese enterprises are back to work indicating a possible economic recovery," said Vinod Nair, Head of Research at Geojit Financial Services.
Sectorally, BSE energy, healthcare and oil and gas rose as much as 2.37 percent.
All 19 sectoral indices closed in the green on the BSE.
In the broader market, BSE smallcap and midcap indices jumped 1.41 percent and 1.34 percent, respectively, outperforming the benchmark.
The forex market was closed on account of Chhatrapati Shivaji Maharaj Jayanti.
In Asia, markets closed higher following reports that China saw fewer fresh coronavirus cases.
Mainland China had 1,749 new confirmed cases of coronavirus infections on Tuesday, the country's National Health Commission said on Wednesday, down from 1,886 cases a day earlier and the lowest since 29 January.
Bourses in Europe too were trading higher in opening deals.
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On Friday, the BSE Sensex had crashed 1,939.32 points or 3.80 percent to end at 49,099.99, its worst one-day fall since 4 May last year
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The market began on a good note, gaining around 1.5 percent on the back of positive domestic data and auto sales number on the first day of March
Trading was extended till 5 pm today in both the NSE and BSE after a technical glitch halted trade for over four hours in the national stock exchange