Gains across sectors - led by financial, FMCG, metal and energy shares - pushed the markets higher
Domestic stock markets rose on Thursday amid cautious gains in Asian peers as investors assessed the severity of the coronavirus outbreak and its impact on global economy. The S&P BSE Sensex index rose as much as 299.39 points to touch 38,708.87 in the first few minutes of trade, and the broader NSE Nifty benchmark climbed to as high as 11,339.95, up 88.95 points from the previous close. Gains across sectors - led by financial, consumer goods, metal and energy shares - pushed the markets higher.
At 9:23 am, the Sensex traded 189.06 points - or 0.49 per cent - higher at 38,598.54, while the Nifty was up 59.15 points - or 0.53 per cent - at 11,310.15.
Forty one stocks in the 50-scrip benchmark index moved higher at the time. Top percentage gainers were Vedanta, GAIL, Hindalco, JSW Steel and Tata Steel, trading between 2.12 per cent and 4.03 per cent higher.
On the other hand, Yes Bank, Bharti Infratel, Zee Entertainment, ICICI Bank and Mahindra & Mahindra - down between 0.56 per cent and 3.24 per cent - were the top Nifty laggards.
HDFC Bank, HUL and Infosys were the top contributors to the upmove in Sensex, together accounting for a rise of more than 60 points in the index.
Equities in other Asian markets were up for the fourth session in a row following sharp gains in US peers. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2 per cent, Japan's Nikkei rose 0.8 per cent and Australian shares bounced of 1.6 per cent.
Overnight in the US, the Dow Jones Industrial Average surged 4.53 per cent, while the S&P 500 and the Nasdaq gained 4.22 per cent and 3.85 per cent respectively. E-Mini futures for the S&P 500 dipped 0.4 per cent after the overnight jump.
Analysts said the possibility of slower world economic growth due the the coronavirus pandemic, with mounting deaths across the globe, cannot be ruled out.
The Federal Reserve and Bank of Canada had both responded by cutting interest rates by 50 basis points, and the ECB was widely expected to lower its deposit rate next week.
On Wednesday, the S&P BSE Sensex index had declined 214.22 points - or 0.55 per cent - to end at 38,409.48, and the broader NSE Nifty benchmark settled at 11,251.00, down 52.30 points - or 0.46 per cent - from the previous close.
