Sensex snaps 7-day losing streak after RBI assures support against coronavirus threat

• Top gainers in the Sensex pack included Sun Pharma, Tata Steel, ONGC, UltraTech Cement, NTPC and PowerGrid.
• Markets are hoping for a coordinated action plan from the finance ministers of G7 countries and their central banks to mitigate the threat from coronavirus on the global economy.
• The Reserve Bank of India (RBI) too, said it was closely monitoring the situation and is ready to take necessary action.

Snapping its seven-day falling streak, equity benchmark Sensex rallied 480 points on Tuesday after gains in index heavyweights Reliance Industries, ICICI Bank and Kotak Bank amid positive cues from global markets. After a highly volatile session, the 30-share index surged 479.68 points or 1.26% to end at 38,623.70 with 28 of its constituents ending in green. The broader NSE Nifty jumped 170.55 points or 1.53% to close at 11,303.30.

Top gainers in the Sensex pack included Sun Pharma, Tata Steel, ONGC, UltraTech Cement, NTPC and PowerGrid. On the other hand, ITC and HDFC Bank ended in the red. Shares of Vodafone Idea on Tuesday jumped over 6% after reports that the embattled telecom operator had paid about ₹3,043 crore to the telecom department towards deferred spectrum dues.

Stocks at a 52-week high: ICICI Prudential Private Banks, IDBI Mutual Fund, IPCA Laboratories Limited.

Stocks at a 52-week low:Bank of India, Cox & Kings Financial Service Limited, Central Bank of India, Hindustan Oil Exploration Company Limited

Domestic market sentiment got a was boost after the Reserve Bank of India (RBI) said it was closely monitoring global as well as domestic situation regarding the impact of deadly coronavirus and ready to take necessary action to ensure orderly functioning of financial markets.



Global stocks also rallied on hopes of stimulus from policy makers to lessen the impact of coronavirus on their economies ahead of the talks between G7 finance ministers and central bank heads.

"Globally, financial markets have been experiencing considerable volatility, with the spread of the coronavirus triggering risk-off sentiments and flights to safe haven," the RBI said in a statement.



Spillovers to financial markets in India have largely been contained. Growing hopes of coordinated policy action to mitigate a broader fallout to economic activity has boosted market sentiment today, it said.

Bourses in Shanghai and Seoul ended on a positive note while Hong Kong and Tokyo settled with losses. Stock exchanges in Europe opened up to 2% higher. Brent crude oil futures rose 2.93% to $53.42 per barrel.

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