MARKET WRAP: Sensex snaps 7-day losing streak, gains 480 pts; metals shine

All that happened in markets today

After seven consecutive sessions of sell-off, equity market found some solace on Tuesday as positive global cues and hopes of stimulus to mitigate the economic impact of the coronavirus outbreak helped benchmark indices settle in the green. 

The S&P BSE Sensex rallied 480 points or 1.26 per cent to settle at 38,623.70 while NSE's Nifty50 ended at 11,303, up 170.5 points or 1.53 per cent. Drug major Sun Pharma ended as the biggest gainer on the Sensex with over 6.5 per cent gains. Tata Steel, ONGC and UltraTech Cement were the other top gainers on the index. 

In the broader market, the S&P BSE MidCap index gained 259 points or 1.79 per cent to 4,764 while the S&P BSE SmallCap index surged 170 points or 1.25 per cent to end at 13,774 points. 

Volatility index India VIX declined 2.6 per cent to 24.54 levels.

Sectorally, metal and pharma stocks gained the most. Nifty Metal index climbed 5.6 per cent to 2,321 levels while Nifty Pharma index ended at 7,921, up over 5 per cent. That said, all the sectoral indices on the NSE ended in the positive zone. 

Global Markets 

Global shares and oil prices extended their rebound on Tuesday as policymakers indicated their willingness to move to ease the economic fallout from the coronavirus, while investors waited for a conference call by Group of Seven heads for trading cues. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.4 per cent. Japan’s Nikkei lost steam and fell 0.7 per cent after short-covering ran its course and as the yen firmed on the dollar.

Oil prices bounced back further after a jump of more than 4 per cent on Monday, reversing an early decline to multi-year lows.

(With inputs from Reuters)

4:01 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

Comments by central bank officials over possible policy initiatives to curtail economic impact held markets positive across the globe. Broad-based momentum was witnessed in Metals and Pharma while the strong dollar held IT stocks higher. With nations across the globe taking precautions over the virus,  further long-term economic impact looks minimal.

3:47 PM

SECTOR WATCH | All sectoral indices on the NSE end in the green

3:46 PM

MARKET AT CLOSE | Top gainers and losers on the S&P BSE Sensex

3:39 PM

CLOSING BELL

The S&P BSE Sensex rallied 480 points or over 1 per cent to end at 38,624 while NSE's Nifty50 index ended at 11,303, up 170.5 points or 1.53 per cent. 

3:23 PM

MARKET CHECK

3:10 PM

NEWS ALERT | Tatas makes ad hoc payment of Rs 2,000 cr on account of AGR dues: sources to CNBC TV18

3:09 PM

STOCK ALERT :: 3.9% equity exchanged

>> 80 lakh shares worth Rs 257 cr trade on BSE & NSE at Rs 320-325/sh

3:06 PM

Market check | Sensex witnesses yet another choppy session

3:00 PM

Global Markets Check

>> Global stocks and commodity markets extended a tentative recovery from their coronavirus slump on Tuesday, as global policymakers signalled a united front to address the economic fallout from the spreading outbreak.

>> Europe’s main bourses climbed 2 per cent or more in early trade in London, Frankfurt, Paris and Milan. MSCI’s world stocks index rose 0.5 per cent.

>> MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.8 per cent higher, off earlier highs but still marking the second straight session of rises.

>> Japan’s Nikkei lost steam and closed 1.2 per cent lower after short-covering ran its course and as the yen firmed on the dollar, but South Korea’s Kospi rose 0.6 per cent. Australian shares ended up 0.7 per cent after the central bank cut interest rates to a record low of 0.5 per cent, the fourth reduction in less than a year.

(As reported by Reuters)

2:53 PM

Index Contributors at this hour

2:44 PM

NEWS ALERT | No need to panic: PM Modi on Coronavirus Outbreak

2:41 PM

NEWS ALERT | Voda Idea makes partial payment towards AGR: PTI

2:37 PM

TVS Motor hits over 4-mth low; falls 6% in two days post February sales nos

The stock was trading at its lowest level since October 17, 2019. In the past one month, it has underperformed the market by falling 13 per cent in line with auto index, as compared to 4 per cent decline in the S&P BSE Sensex. READ MORE

2:13 PM

NEWS ALERT | Closely monitoring global, domestic development w.r.t Coronavirus: RBI

2:10 PM

Australia's central bank cuts rates to shake off virus fears: Reuters

Australia’s central bank cut interest rates to record lows on Tuesday in what is expected to be the first in a spate of policy stimulus around the world to fight the economic fallout from the coronavirus.