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Stocks snap 7-day losing streak as RBI assures steps to mitigate COVID-19 impact

Stocks snap 7-day losing streak as RBI assures steps to mitigate COVID-19 impact

Mumbai: 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 per cent to end at 38,623.70 with 28 of its constituents ending in the green.

The broader NSE Nifty jumped 170.55 points or 1.53 per cent 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.

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 per cent higher.

Brent crude oil futures rose 2.93 per cent to USD 53.42 per barrel.

On the currency front, the Indian rupee depreciated 40 paise to 73.16 per US dollar (intra-day).

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