Sensex jumps nearly 300 points; Nifty tests 11,300

According to traders, investors were hopeful that the collective efforts of global governments and central banks would cushion the economic fallout of coronavirus.

Equity benchmark Sensex jumped nearly 300 points in opening session on Thursday tracking positive cues from global equities as central banks across the global prepare to combat the economic pressure of the coronavirus outbreak.

After surging 299 points in early trade, the 30-share index was up 191.75 points, or 0.50%, at 38,601.23, and the NSE Nifty rose 49.25 points, or 0.44%, to 11,300.25.

HUL, HCL Tech, Tata Steel, Nestle India, TCS and Asian Paints were among the top gainers, while ICICI Bank, L&T, PowerGrid, NTPC and Reliance Industries were trading in the red.

In the previous session, the 30-share BSE barometer settled 214.22 points or 0.55% lower at 38,409.48, and the Nifty closed 52.30 points or 0.46% down at 11,251.

On a net basis, foreign institutional investors (FPIs) sold equities worth ₹878.38 crore, while domestic institutional investors bought shares worth ₹764.13 crore on Wednesday, data available with stock exchanges showed.

According to traders, investors were hopeful that the collective efforts of global governments and central banks would cushion the economic fallout of coronavirus.

The IMF on Wednesday said will make available about USD 50 billion through its rapid-disbursing emergency financing facilities for low income and emerging market countries that could potentially seek support on account of coronavirus.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo rallied up to 1%.

Stock exchanges in the US too ended sharply higher on Wednesday.

The rupee depreciated marginally to 73.45 against the U.S. dollar in morning session.

Global oil benchmark Brent crude futures jumped 1.37% to USD 51.83 per barrel.

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