India and other global financial markets on Tuesday staged a smart rally, driven by the prospect of more help from the world’s central banks, including the Reserve Bank of India, in battling the economic impact of the coronavirus. The BSE Sensex rallied 480 points as the investor sentiment got a big boost amid expectations of policy measures from various central banks to mitigate the economic impact of coronavirus outbreak.
After a highly volatile session, the 30-share benchmark index snapped its seven-day losing streak, surging 479.68 points, or 1.26 per cent, to end at 38,623.70. The broader NSE Nifty jumped 170.55 points, or 1.53 per cent, to close at 11,303.30, led by gains in metal and pharma stocks.
Sun Pharma rose 6.64 per cent, along with stocks of other companies in the sector including Biocon, Cipla, Dr Reddy’s, rising as much as 7.66 per cent, amid export restrictions imposed by the government on 26 pharma ingredients and medicines to boost local supplies.
The BSE midcap and smallcap indices rallied up to 1.75 per cent. All the sectoral indices closed in the green, with BSE metal rising the most by 5.67 per cent, following gains in Tata Steel and Vedanta. BSE power jumped 3.99 per cent, led by gains in NTPC and Powergrid. BSE utilities rose by 3.93 per cent, while BSE Healthcare gained 3.77 per cent.
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