S&P BSE Sensex reclaimed 41,000 mark, to trade at 41,163.68, up 270 points or 0.66 per cent, while the broader Nifty 50 index was ruling at 12,073, up 80 points or 0.67 per cent.
Bouncing back from a 4-day losing streak, Sensex and Nifty made a strong start on Wednesday as the investors took note of lower number of new coronavirus cases in China. S&P BSE Sensex reclaimed 41,000 mark, to trade at 41,163.68, up 270 points or 0.66 per cent, while the broader Nifty 50 index was ruling at 12,073, up 80 points or 0.67 per cent. “Weak domestic data, muted earnings and the concern over global economic growth slowdown due to coronavirus are likely to weigh on the markets sentiments. Hence, we would remain cautious on the Indian markets in the near term. Investors would keep a watch on the movement of currency and crude oil prices,” Ajit Mishra, VP – Research, Religare Broking Ltd said.
RIL, Hul lift Sensex over 250 points- Index heavyweights RIL, HDFC, HUL, Kotak Mahindra Bank and Bajaj Finance were among the major index contributors. As many as 22 out of 30 Sensex stocks were trading in green. Nestle India was the top index gainer with a grwoth of 2.11 per cent, followed by RIL and HUL, each 1.8 per cent. On the flip side, IndusInd Bank was the top Sensex loser with a decline of 1.26 per cent. Asian Paint, Hero MotoCorp, Power Grid and ONGC were among the other laggards on the index.
Nifty Auto index trades in red- All the sectoral indices were trading higher except Nifty Auto index. The Nifty Auto index was down over 0.25 per cent weighed down by Tata Motors, Motherson Sumi, Maruti and Hero MotoCorp. Conversely, the Nifty Pharma index was up over 1.5 per cent led by gains in Aurobindo Pharma, Piramal Enterprises and Biocon.
Broader markets bullish- In the broader markets, S&P BSE MidCap index was trading 179 points or 1.16 per cent up at 15,604, while S&P BSE SmallCap index was ruling at 14,617.51, up 150 points or 1.04 per cent.
New coronavirus cases fall- The death toll from the new coronavirus in mainland China passed 2,000 on Wednesday although the number of new cases fell for a second straight day, as authorities tightened already severe containment measures in the worst-hit city of Wuhan, as per the Reuters news report.
Govt to announce steps to contain coronavirus impact on Indian trade- The government will soon announce measures to deal with the impact of the Coronavirus outbreak on the domestic industry, Finance Minister Nirmala Sitharaman said on Tuesday. There is no crisis situation yet as raw materials are available, said Nirmala Sitharaman in her press conference discussing the impact of the Coronavirus outbreak on Indian trade and business.
Global markets- In the Asian market, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.01 per cent. Australian shares were up 0.14 per cent, while Japan’s Nikkei stock index rose 0.61 per cent. On Wall Street, the Dow Jones and the S&P 500 fell 0.56 per cent and 0.29 per cent, respectively. The Nasdaq Composite, meanwhile, added 0.02 per cent eking out a record closing high.