Gains across most sectors led the markets higher
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At 12:54 pm, the Sensex traded 394.05 points - or 1.26 per cent - higher at 31,773.60 while the Nifty was up 127.90 points - or 1.39 per cent - at 9,315.20.
Analysts say investors are still on the back foot assessing the impact of coronavirus (COVID-19) pandemic on business.
Market breadth favoured gains with an advance-decline ratio of 2:1, as 1,545 shares traded higher on the BSE against 651 that moved lower. In the Nifty basket of 50 components, 38 shares enjoyed gains at the time. Top percentage gainers were Zee Entertainment, Kotak Mahindra Bank, TCS, ICICI Bank and Hindalco, trading between 3.46 per cent and 6.82 per cent higher.
On the other hand, Titan, Hindustan Unilever, Power Grid, Shree Cement and Nestle - down between 1.28 per cent and 2.94 per cent each - were the top Nifty losers.
"Markets are expecting some sort of stimulus from the government and there is also optimism that it will come forward to support the industry," said Siddharth Purohit, research analyst at SMC Global Securities. "But my concern is that if the government doesn't act fast enough, the rally will fizzle out. Also, the Reliance-Facebook deal has brought in hope that FDI inflow will continue once the lockdown is lifted."
Equities in other Asian markets rose as the combination of a rebound in crude prices from historic lows and the promise of more US government aid to cushion the coronavirus-ravaged economy helped calm nervous markets.
Crude oil prices gained amid signs that producers are cutting supplies to cope with a collapse in demand for fuel as the coronavirus outbreak ravages the world's economies. Brent crude - the global benchmark for crude oil - was last seen trading up 1.6 at $20.70 a barrel, a day after rising more than 5 per cent.
Better-than-expected US corporate earnings also lifted equities, analysts said, though overall sentiment remained fragile as the pandemic cut a destructive path through the world economy.
MSCI's broadest index of Asia Pacific shares outside of Japan bounced from two-week lows to be up 0.5 per cent at 460.43 points. Japan's Nikkei climbed 0.8 per cent. The gains followed a strong overnight lead from Wall Street, with the Dow up 2 per cent, S&P 500 adding 2.3 per cent and Nasdaq rising 2.8 per cent.
Meanwhile, the Economic Advisory Council of the Fifteenth Finance Commission will meet on April 23-24 to take stock of the emerging economic situation arising out of the COVID-19 outbreak. The Council will study the implications of COVID-19 on economic growth in 2020-21 and 2021-22.
